08 May 2011
A person has Gross Receipts of Rs 450000 & he is availing new Sec 44AD.As a result his tax liability is nil. This person is not maintaining Books of A/c (Balance Sheet n Mail). Will such a person get home loan on the basis of ITR? If not then what is such a person suppose to do in order to get home loan?
09 May 2011
Yes such a person get home loan on the basis of ITR but in this case the gross receipt is only Rs.450000/- which is not much higher so bank or financial institution may not approved the loan as their net income is very low. Actually the purpose of ITR for laoan is to assess the borrowing capacity of the borrower.
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