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Non payment of loans liability

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Querist : Anonymous

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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 ???
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
22 July 2013 since loan is a capital amount it does not attract income tax.
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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2013 Thanks for immediate reply sir, but are you sure na.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
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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