Non payment of loans liability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2013
Dear Sir
I had taken loan from my relative 2 years ago, now this loan is not payable by me & I am going to credit my capital account by debiting the loan account. Whether this would be taxable as income ???
I had taken loan from my relative 2 years ago, now this loan is not payable by me & I am going to credit my capital account by debiting the loan account. Whether this would be taxable as income ???
22 July 2013
since loan is a capital amount it does not attract income tax.
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2013
Thanks for immediate reply sir, but are you sure na.
22 July 2013
yes there are various case laws where its held that capital sum rec as loan is not taxable as its not covered by def of income u/s 2(24).
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