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Housing loan shown in the balance sheet of individal assesse

30 March 2012

Can interest on Housing Loan be shown as deduction under Income from House Property(self occupied) if,house property & unpaid balance amount of Housing Loan are shown in the Balance Sheet of an individual assessee? Can Housing Loan being a personal loan & not for the business be shown in the Balance Sheet? If shown is it right to claim deduction of interest under Income from House Property head?

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4 Replies

mohit pathak (Learner) (396 Points)
Replied 31 March 2012

@ Roysto

even if u r showing housing loan in your books of accounts u can show it as personal property if it is so,

by not taking , in your P&L A/c, diduction for

1 depreciation on the said house property and

2 interest on said loan.

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Royston Deril Pinto (None) (32 Points)
Replied 31 March 2012

Is it possible to claim deduction under sec. 80 C for repayment of principal amount in that case?

mohit pathak (Learner) (396 Points)
Replied 02 April 2012

u can refer to....

/forum/analysis-of-housing-loan-sec-80c-and-24b--136402.asp

Kumar Kusu (2 Points)
Replied 18 December 2020

I have a cloth business, I am taking a housing loan on 1-12-2019. on 31-03-2020 balance is 1500000/- does such an amount will show in the balance sheet or not. what about repayment of principal and interest?