Time barred
This query is : Resolved
amarjeet singh
(Querist)
20 December 2015
what is the tax implication when a loan becomes time barred?
Amol S Joglekar
(Expert)
20 December 2015
time barred loan.
For Lender : Bad debt if it has really turned bad
For Borrower : Can be capitalised.
For Lender : Bad debt if it has really turned bad
For Borrower : Can be capitalised.
amarjeet singh
(Querist)
20 December 2015
what entry will be passed and its tax implications?
amarjeet singh
(Querist)
20 December 2015
for borrower
Amol S Joglekar
(Expert)
20 December 2015
It is a capital receipt and hence income tax exempt.
Loan account debit.
Capital Account credit.
Loan account debit.
Capital Account credit.
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