12 December 2007
Respected sir, if X is a Individual he has two sons say A & B. X is owner of a house property . a bank has sanctioned a House loan on the aforsaid house for renovation purpose of Rs. 5 lacs in the joint name of Mr. X , A and B ., and issued a DD of Rs. 5 Lacs in Favour of Mr. A . now Mr. A withdrawl Rs. 5 Lacs in Cash and utilize the money for renovation of house. Now mr. A is paying EMI( Installment + Interest) through cheques to the bank for repayment of loan. now how the balance sheet of Mr. A and Mr. X will be Prepared to show the outstanding loan and capital addition in the value of the house property. please tell me also that if any of the above person can take the benefit of interest payment on loan for the rent received on the house property.
27 September 2009
If this query is still pending then please post it again by updating......Good wishes.....or you can also send me a PM. Otherwise it is already resolved.
27 September 2009
If this query is still pending then please post it again by updating......Good wishes.....or you can also send me a PM. Otherwise it is already resolved.
CAclubindia
