Dear Sir
I have a question to ask from you learned people from field of Income tax.
I have received a home loan proposal and both the borrowers are partner in a partnership firm. The maon borrower received Rs15 lakh as renumeration from the firm which is reflected in partnership firm balance sheet.
However the form 26 AS of income tax does not show the amount 15 lakh. The borrower says since this Rs 15 lakh was redeployed in the firms business it is not being shown in Form 26 AS.
i believe if its his income this must be reflected in his AS26 .
Please guide and help.
Regards
CAclubindia
