Taxability of waiver of loan
This query is : Resolved
Sneha dagli
(Querist)
26 November 2012
will waiver of unsecured loan by 3rd party be taxable as deemed income? If yes,can it be setoff against business loss?
Amol S Joglekar
(Expert)
26 November 2012
Yes. Pass the entry as debit unsecured loan
credit Other income (write backs)
credit Other income (write backs)
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