Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Income tax exemption

Patel Jigar Naranbhai (trainee) (38 Points)

29 July 2016

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

Reply
Follow
Share

3 Replies

suresh (proprietor) (425 Points)
Replied 29 July 2016

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.

Upgrade to CAclubindia Pro. Subscribe Now!

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 29 July 2016

these will b under expenses

Patel Jigar Naranbhai (trainee) (38 Points)
Replied 29 July 2016

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.