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.
yes raj ji
this treatment is right
THIS SHUD BE TREATED AS DRAWINGS
Yes its ok but I thinks its proprietorship firm. If EMI shall pay from current account of firm than its much better.
NO IT SI PAID FROM SAVINGS A/C.
Don’t worry its ok.
CAclubindia
