Unsecured loans transfer to partner capital a.c.
This query is : Resolved
08 November 2020
A partnership firm unsecured loans
received from different creditors value Rs40 lacs out standing opening balance as per books . this amount (40 lacs)transferred from partnership firm to one of partner capital account .
Question:
Above mentioned transactions allowed in I.t .act.
received from different creditors value Rs40 lacs out standing opening balance as per books . this amount (40 lacs)transferred from partnership firm to one of partner capital account .
Question:
Above mentioned transactions allowed in I.t .act.
08 November 2020
Not allowed such transfer. Such transfer will be considered as other income and taxable in the hands of partner.
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