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Taxability of waiver of loan

This query is : Resolved 
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(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?
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Amol S Joglekar

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Amol S Joglekar (Expert)
26 November 2012 Yes. Pass the entry as debit unsecured loan
credit Other income (write backs)
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