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Regarding Home Loan

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accountant
564 Points Posted on 18 December 2020
Respected members
I have purchase home on my wife name and loan taken my name.now
wife not file itr.i have file itr 4.
loan payment monthly on my bank account now
how to show in my balance sheet ?
and interest on home loan deduction allowed or not ?
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On 18 December 2020 at 19:47 Report
Replies (3)
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96 Points Posted on 18 December 2020
Dear sir, interest on home loan will be allowed as deduction. Home payable amount will come under unsecured loan in liability side of the balance sheet and interest on such principal payment will hit p&l.
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On 18 December 2020 at 21:12
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Tax consultant
5895 Points Posted on 19 December 2020
If you are a co owner with your wife then you can take advantage of deduction from both principal and interest of home loan otherwise not
if you provide any collateral against such loan from Bank then it's comes under secured loans otherwise unsecured loan in balance sheet
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On 19 December 2020 at 00:08
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Partner
1072 Points Posted on 22 December 2020

If you paid from your resources which you can prove for purchase of house in the wife's name,

then you can take advantage of intt on loan and repayment of loan.

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On 22 December 2020 at 20:19


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