Hlw everyone,
my query is as one of my friend tooks the loan which is for business expansion under lpa emi of which is 80000.... as he is a retailer also letout house property..
1) can he tooks 24b advantage here
2) whether in his itr he needs to show income of atleast 80000*12=960000.... or can he show less income to save the tax as if show 60000 income any notice he will get
But, As per query the Loan is in Business activities. So, It's not claimable under sec 24b. The said sec allow only House Property loan Interest...
But, You can book the Interest amount to PandL account in its not a Personal Loan...
CAclubindia
