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home loan interest 24b

23 July 2019

hello friends

i am claim 147000 intrest deduction of home loan under 24b

in this case intrest amount where can i show in indirect expense or in capital ac

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5 Replies

Shweta Gupta (Assistant Manager) (224 Points)
Replied 23 July 2019

where you want to show in financial or in ITR for deduction. write clearly

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Mitesh Patel (75 Points)
Replied 23 July 2019

in financial accounts

if i am write intrest amount in indirect expense than its also deduct my net profit
and in itr i get deduction under 24b
so i think its double deduction

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 23 July 2019

The said deduction will be accountable in Capital Account

siddhesh (si) (198 Points)
Replied 23 July 2019

Dear Mitesh,

Taxation and Accounting both are different term.

in taxation only respective deduction is allowed shuld be taken into consideration.

Considering that any interest paid on housing loan from business it should be trated as indirect expenses and which reduce your net profit.

but it will no double deduction in ITR -3 if any other head of expenses or income that shuld be included in Net profit shuld be add in Schedule BP . So that much amount of income included in your income . and in Schedule HP you can claim deduction u/s 24b

this is my opinion , if any wrong contention is presented please clerify me.

Mitesh Patel (75 Points)
Replied 24 July 2019

dear siddhesh
you are right

but i file in presumptive income 44ad

so i think amount of intrest deduct in indirect expense before calculation of net profit is wrong

in presumptive case all deduction will be in capital ac

i am right ? please clarify