Tax audit Individual Home loan principal repayment & Capital a/c effect

If Home loan shown in Balance sheet as liability and repayment shown from another savings account. Home loan liability shown after deduction of the repayment. Is it possible to take 'repayment of Principal amount' to 'Capital account'. If yes, please post 'journal entries' for the same.
Replies (4)
If the repayment is through bank then the clsoing balance of bank will be shown after giving effect to such repayment.

The Loan liability on the other hand will be reduced to the extent of repayment.
Yes... The Balance amount can be shown in BS. No need to transfer the Principal Amount to Capital account of its individual ITR...
Interest amount will transfer to Capital account.
Thanks RAJA P M a lot and Rakesh Joshi
You are most welcome Dear.

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