Dear sir ,
I will file Income tax return of ITR-3 as Individual for Transportation services for business or profession so I can Shown Residential house property in business balance sheet and it home loan this property is non business property but letout and earn rent kindly give your opion so I can file return today.
Your sincerely
Chandrakant
Residential let-out property and personal home loans must be excluded from the business Balance Sheet (Schedule BS) in ITR-3, with any personal business transactions recorded as Proprietor's Drawings. Rental income and home loan interest must be reported under Schedule HP (Section 24), while home loan principal repayments are claimed under Schedule VIA (Section 80C under the Old Regime), leaving Schedule BS to reflect only transportation business assets and liabilities.
S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
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CAclubindia
