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Income tax exemption
my partner has taken loan against property - so in this case loan processing charges is allowable as deduction from his induvidual capacity return (Computation )??, if housing loan is there in this case loan processing charges is allowable as deduction for individual capacity return
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Deduction of loan processing charges depedns upon the source of income, purpose of loan for whcih its taken and utilisation of the said loan.
processing fees for home loan is deductible as the part of interest on home loan.
these will b under expenses
Thanks for reply !
My partner has only one business and directly or indirectly he was use this money to personal use or for partneship firm (invest his money in his business) so loan chages of LAP is deductible.
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