I am a proprietor of my business I gave 1 lack advance booking amt to builder from my business current account. last year and showing in Advances..
now I have taken loan from account
should I show home loan in business account.. and can I pay my emi through my business bank account.. please suggest..
For proprietorship it doesn't make any difference whether you pay EMI through current account or your personal account.
The exemption of home loan interest will be under head 'Income from House Property' only, so why to confuse more & more?
CAclubindia
