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Regarding personal home loan
One of my client taken a home loan for construction of house it admissible to appear in business balance sheet (as home loan in Liability side and Building Construction in asset side)
Replies (1)
one can show it in his balance sheet because for tax purposes you ate taking the benefit of the home loan so you show the tax authorities about the true picture of your financial liabilities. however while calculating business income the interest paid on home loan needs to be added back and shown as loss from house property
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