HOME LOAN INTEREST
This query is : Resolved
16 July 2010
Dear Experts
Home loan interest treated as expenses in my profit and loss account its correct or wrong plz guide me
Home loan interest treated as expenses in my profit and loss account its correct or wrong plz guide me
16 July 2010
No it should be shown in ur capital and exemption be claimed in the computation of total income.
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16 July 2010
Even if is in the P & L A/c it will be disallowed from business income and added back and dedcution will be claimed from house property. So no use to claim any expense for the same.
16 July 2010
you can show it in your P/L Account. But for Income Tax Purpose the same will be disallowed from the Business Income and shall be Considered as Deduction while computing Income from House Property.
So be prepared for that or Better not take it P/L Account.
So be prepared for that or Better not take it P/L Account.
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16 July 2010
For better presentation , it will shown it P& L a/c and add back in Business income at the time computation and claim in house property income.
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