Unsecured loans transfer to partner capital a.c.
This query is : Resolved
Kollipara Sundaraiah
(Querist)
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.
CA R SEETHARAMAN
(Expert)
08 November 2020
Not allowed such transfer. Such transfer will be considered as other income and taxable in the hands of partner.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- GSTR-9C filing
- TDS on Dashcam rent and allied services
- Advances to related party
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- ETDS return q4 25-26
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
