Dear Friends
Situation: Being Pur Flat Rs 900000/-
stamp duty and registration paid Rs 50,000/-
Loan taken from freind for flat RS 650000/-
Interest paid to friend agst loan Rs 52000/-
Principal Paid to freind agst Loan RS 68000/-
Suggest the Tax treatment on above transaction
Thanks in advance
Dear Ani,
Interest and principal paid to loan taken from friend is not eligible for deduction. Only loan from financial institution and banks are eligible for such deduction
regards
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
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