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LOAN OR ADVANCE

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TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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24 August 2021 ABC Pvt Ltd and XYZ Pvt Ltd both are sister concern each other. Abc Pvt ltd has given long terms loan to xyz pvt ltd but in her balance sheet xyz Pvt Ltd has shown the said loan as advance received from related party instead of showing as loan. ABC Pvt Ltd requires loan confirmation from XYZ Pvt Ltd for income tax scrutiny. Can XYZ Ltd give loan confirmation to ABC Ltd despite of showing advance received

Respected sir,
Please guide me and oblige.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 August 2021 Yes, such loan certification can be given as repayable amount is received.

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