Deduction of unpaid loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 February 2013
Can time barred loan be taken as income tax deduction? i.e. loan given but defaulted by borrower...
17 February 2013
If providing loan is the core business activity then only deduction can be claimed.
.
If the assessee has given interest free loan or to earn interest on the spare amount, he is not entitled to claim it as an expense.
.
.
If the assessee has given interest free loan or to earn interest on the spare amount, he is not entitled to claim it as an expense.
.
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