Can interest on Housing Loan be shown as deduction under Income from House Property(self occupied) if,house property & unpaid balance amount of Housing Loan are shown in the Balance Sheet of an individual assessee? Can Housing Loan being a personal loan & not for the business be shown in the Balance Sheet? If shown is it right to claim deduction of interest under Income from House Property head?
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Housing loan shown in the balance sheet of individal assesse
Replies (4)
@ Roysto
even if u r showing housing loan in your books of accounts u can show it as personal property if it is so,
by not taking , in your P&L A/c, diduction for
1 depreciation on the said house property and
2 interest on said loan.
Is it possible to claim deduction under sec. 80 C for repayment of principal amount in that case?
u can refer to....
/forum/analysis-of-housing-loan-sec-80c-and-24b--136402.asp
I have a cloth business, I am taking a housing loan on 1-12-2019. on 31-03-2020 balance is 1500000/- does such an amount will show in the balance sheet or not. what about repayment of principal and interest?
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