Poonawalla fincorps
Poonawalla fincorps

Which section for deduction of principal amt of loan under h

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 April 2013 Partnership firm can claim deducation of principal Repayment of loan against purchased property, if yes under which section.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
06 April 2013 Deduction is available only in respect of the interest amount.

The principal amount is capitalised in the books and depreciation u/s 32 shall be allowed on such principal amount.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
27 May 2013 The expert is right. The deduction which you are talking is available to only Individuals and HUF etc and not to the firm or companies.
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