INTEREST ON HOUSING LOAN

RAJ KUMAR (FINANCE MANAGER) (1393 Points)

16 February 2011  

HELLO FRIENDS, MY CLIENT HAS TAKEN A HOUSING LOAN AND HE PAYS THE INSTALLMENT EVERY MONTH

HE CLAIMS THE INTERSEST DEDUCTION U/S 24 AND REPAUMENT OF PRINCIPAL AMOUNT U/S 80(C).

NOW I WANT TO ASK THIS IS NOT TO SHOWN IN THE BOOKS OF ACCOUNTS.

BUT HE ONLY MAKES THE DRAWINGS IN CASH EQUAL TO THE INSTALLMENT.

IS THIS TREATEMENT CORRECT.

PLS. HELP ME.