House property

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22 Points Posted on 15 December 2020
how to show House loan in balance sheets?
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On 15 December 2020 at 00:12 Report
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Quick Summary
This discussion clarifies how to present house loans on balance sheets. It highlights that business and personal expenses must remain separate. The total house loan isn't shown directly; interest and principal are treated differently in financial statements. However, for an individual's balance sheet, it's acceptable to include the loan.

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Profession
28261 Points Posted on 15 December 2020
Business and personal expenses are seperate,hence you can't integrate both under one common platform.
There may be some disclosure parameters as per Schedule Vi
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On 15 December 2020 at 10:11
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Tax consultant
5895 Points Posted on 16 December 2020
You can't show whole total of house loan in balance sheet as it's interest and principal are treated differently in financial statement
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On 16 December 2020 at 16:08
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Profession
28261 Points Posted on 17 December 2020

If it's an individual's balance sheet then its absolutely fine.

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On 17 December 2020 at 07:59

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