Regarding housing loan its accounting treatment
This query is : Open
25 November 2011
Hi.....
Good Morning....
I have one query regarding Housing Loan and deduction u/s 80 C and
Interest of Housing loan repayment under the head of House Property
with self occupied House,
Matter,
My client has taken a housing loan form Bank for Rs. 20 Lacs, in the
name of his wife and himself as a co-applicant. Sale Deed has made in
the name of his wife only due to the benefit of Registration fee. Now
whether deduction u/s 80 C will be available to husband on the basis
of co-applicant and Interest deduction under House Property Head.
What is Accounting Treatment in the Books of Husband - Whether he
mention half portion of loan in the liabilities side. than Assets side
what is mention. Also suggests me about subsidies procedure for
housing loan.
Good Morning....
I have one query regarding Housing Loan and deduction u/s 80 C and
Interest of Housing loan repayment under the head of House Property
with self occupied House,
Matter,
My client has taken a housing loan form Bank for Rs. 20 Lacs, in the
name of his wife and himself as a co-applicant. Sale Deed has made in
the name of his wife only due to the benefit of Registration fee. Now
whether deduction u/s 80 C will be available to husband on the basis
of co-applicant and Interest deduction under House Property Head.
What is Accounting Treatment in the Books of Husband - Whether he
mention half portion of loan in the liabilities side. than Assets side
what is mention. Also suggests me about subsidies procedure for
housing loan.
27 November 2011
1.Since house is registered in the name of the wife, the benefit of 80C & 24 will be availaible to wife.
The clubbing provisions doesnt apply to the above case.
2.Accounting treatment in the books of husband
Loan to wife A/c Dr
To Bank A/c
No assest will be created in the book of husband.
The clubbing provisions doesnt apply to the above case.
2.Accounting treatment in the books of husband
Loan to wife A/c Dr
To Bank A/c
No assest will be created in the book of husband.
29 November 2011
But in this case loan taken by husband so criteria of 80C is not fulfilled by wife so confirm me whether she will take deduction or not. Criteria is that, if loan taken from financial Institution than deduction will be taken.
29 November 2011
But in this case loan taken by husband so criteria of 80C is not fulfilled by wife so confirm me whether she will take deduction or not. Criteria is that, if loan taken from financial Institution than deduction will be taken.
29 November 2011
But in this case loan taken by husband so criteria of 80C is not fulfilled by wife so confirm me whether she will take deduction or not. Criteria is that, if loan taken from financial Institution than deduction will be taken.
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