Respected members
I have purchase home on my wife name and loan taken my name.now
wife not file itr.i have file itr 4.
loan payment monthly on my bank account now
how to show in my balance sheet ?
and interest on home loan deduction allowed or not ?
3 Replies
gameplaysNmore
(96 Points)
Replied 18 December 2020
Dear sir, interest on home loan will be allowed as deduction. Home payable amount will come under unsecured loan in liability side of the balance sheet and interest on such principal payment will hit p&l.
ayusmita
(Tax consultant)
(5885 Points)
Replied 19 December 2020
If you are a co owner with your wife then you can take advantage of deduction from both principal and interest of home loan otherwise not
if you provide any collateral against such loan from Bank then it's comes under secured loans otherwise unsecured loan in balance sheet
if you provide any collateral against such loan from Bank then it's comes under secured loans otherwise unsecured loan in balance sheet
anil jain
(Partner)
(1072 Points)
Replied 22 December 2020
If you paid from your resources which you can prove for purchase of house in the wife's name,
then you can take advantage of intt on loan and repayment of loan.
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