TAX treatment

aniket (Accountant) (561 Points)

29 March 2011  

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