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Time barred

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(Querist)
20 December 2015 what is the tax implication when a loan becomes time barred?
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Amol S Joglekar

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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.
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amarjeet singh

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amarjeet singh (Querist)
20 December 2015 what entry will be passed and its tax implications?
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amarjeet singh

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amarjeet singh (Querist)
20 December 2015 for borrower
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Amol S Joglekar

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Amol S Joglekar (Expert)
20 December 2015 It is a capital receipt and hence income tax exempt.
Loan account debit.
Capital Account credit.
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