sir I have one balance sheet I am a commerse student and I am a businessmen I am practise income tax field. ITR4. some entry is very heard plzz help.
personal loan intrest will be
exampted 80c or not. personal vehicle loan interest is exalted or not. also I have received mediclam some of amount what's about calculation its effact 80D or not. 80D insuresce 15000 in this year
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some of personal loan entry
Replies (3)
Personal loan interest or personal vehical loan interest is not deductible in 80C or even as business expenditures.
Medical insurance paid (15000) can be claimed u/s. 80D.
Receipts of the insurance claim are tax exempt.
sir one more question one purchase a house in his mother name. mean a person mother is owner and he want to take a loan in house three brother so in this case emi is calculated 3 brothers name bcoz three r loan person in that time interest on housing loan will be calculate 3 person or not
Housing loan interest deduction under section 24b of IT act is available inly to OWNER/s of the property. Her mother being only owner, interest deduction cannot be availed by her sons.
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