Menu
Tax audit Individual Home loan principal repayment & Capital a/c effect
If Home loan shown in Balance sheet as liability and repayment shown from another savings account. Home loan liability shown after deduction of the repayment. Is it possible to take 'repayment of Principal amount' to 'Capital account'. If yes, please post 'journal entries' for the same.
Replies (4)
If the repayment is through bank then the clsoing balance of bank will be shown after giving effect to such repayment.
The Loan liability on the other hand will be reduced to the extent of repayment.
The Loan liability on the other hand will be reduced to the extent of repayment.
Yes... The Balance amount can be shown in BS. No need to transfer the Principal Amount to Capital account of its individual ITR...
Interest amount will transfer to Capital account.
Interest amount will transfer to Capital account.
Thanks RAJA P M a lot and Rakesh Joshi
You are most welcome Dear.
Recent Threads
- Gst rate and Sac code or RCM attract
- Poll: Do you spend > 30 min/day fixing Tally JSO
- Interest on Accident Claim by Minor
- Capital Gain and Basic Exemption Limit
- Loan to wife and interest income husband income or
- AOC-4 is not being filed
- Returning the shares gifted by daughter?
- Gst tax rate
- Accounting of Govt Grant in aid-Assam Tea Estate
- Utilizing Capital gains in new home construction
Related Threads
CAclubindia
