TAX treatment

Tax queries 565 views 1 replies
User Avatar

Accountant
561 Points Joined August 2008

Dear Friends

Situation:  Being Pur Flat    Rs 900000/-

stamp duty and registration paid Rs 50,000/-

Loan taken from freind for flat  RS 650000/-

Interest paid to friend agst loan   Rs 52000/-

Principal Paid to freind agst Loan    RS 68000/-

 

Suggest the Tax treatment on above transaction

 

Thanks in advance

Reply Share Follow
On 29 March 2011 at 17:43 Report
Replies (1)
User Avatar

CHARTERED ACCOUNTANT
793 Points Joined March 2009

Dear Ani,

Interest  and principal paid to loan taken from friend is not eligible for deduction. Only loan from financial institution and banks are eligible for such deduction

regards

Reply
On 29 March 2011 at 19:58


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading