Detail of loan in itr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2016 Dear Experts,
Plz clarify weather detail of personal loan is to be disclose in ITR or not,

Plz clarify......

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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02 April 2016 If book of Accounts are maintained then yes amount of loan at the end of the year need to write in ITR.

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2016 I am running proprietory firm and book of account of firm is also being maintain
but this loan i have taken for my personal purpose not for business purpose
plz tell me will this personal loan be disclose in ITR or not...

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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02 April 2016 No. if its amount have not affected your firm bank account or book of accounts then no need to take entry in your accounts and same in ITR.

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2016 No...neither firm bank account nor book
Of accounts is being effected by this personal loan

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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02 April 2016 Then no need take in ITR.