Home Loan Deduction & accounting Impact in books
This query is : Resolved
18 October 2010
Please solve my Query
My relative is working as medical doctor in Hospital and he earned Salary in the year 2009-10.He buy one Home {Flat} and borrowed Home Loan and in form 16 take deduction.
Now from Oct.-09 in the middle of the financial year he started clinic in these residential house.
His total income for the F.Y.2009-10
1} Salary Income
2} Business Professional Income
Now in his Business Profession shall he take benefit on Interest on Home Loan and Principal? as mention in form 16 by employer
shall he take in his business as Fixed Assets in the F.Y.2009-10
Please guid and give impact in accounting entry.
My relative is working as medical doctor in Hospital and he earned Salary in the year 2009-10.He buy one Home {Flat} and borrowed Home Loan and in form 16 take deduction.
Now from Oct.-09 in the middle of the financial year he started clinic in these residential house.
His total income for the F.Y.2009-10
1} Salary Income
2} Business Professional Income
Now in his Business Profession shall he take benefit on Interest on Home Loan and Principal? as mention in form 16 by employer
shall he take in his business as Fixed Assets in the F.Y.2009-10
Please guid and give impact in accounting entry.
18 October 2010
he can take interest and principal home loan payment benefit.
20 October 2010
thanks
but i want to know about Whether House treated as his Fixed assets in Balance Sheet ??
As per Municipal corporation House treated as commerical purpose ??
can i debited exp.like House tax, & his monthly maintainance in income & Expenditure account.
dear sir
kindly advice how to treate this assets in balance sheet
but i want to know about Whether House treated as his Fixed assets in Balance Sheet ??
As per Municipal corporation House treated as commerical purpose ??
can i debited exp.like House tax, & his monthly maintainance in income & Expenditure account.
dear sir
kindly advice how to treate this assets in balance sheet
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