educatlion loan by a sole proprietor
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2010
a sole proprietor has been paying to bank towards his education loan and is showing in bank statement. Is it to be treated as expenses & shown in P&L a/c or show as drawings and show in computation of income under rebate and take only interst part of it. If so what about principl Kindlly guide.
05 July 2010
education loan is not treated as an business expense u/s 37 of the income tax act.hence i think it has to be treated as drawings and shown as rebate in total income.
06 July 2010
I agree with Mini & also only int will be allowed as ded u/s 80E. Principle will not be treated. Means Principal will be real Drawings for Assessee
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