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Regarding Home Loan


Kamlesh Tolani (accountant)     18 December 2020

Kamlesh Tolani
accountant 
 20 likes  528 points

| My Other Post
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 ?
1 Like
gameplaysNmore

gameplaysNmore   18 December 2020

gameplaysNmore

 3 likes  96 points

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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.
ayusmita

ayusmita (Tax consultant)     19 December 2020

ayusmita
Tax consultant 
 375 likes  5595 points

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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
anil jain

anil jain (Partner)     22 December 2020

anil jain
Partner 
 31 likes  720 points

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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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