Waiver of Loan One Time Settlement of Loan
This query is : Resolved
17 September 2023
Last year have outstanding Loan of Rs.15,00,000/- In one time settlement my 4,00,000/- loan was waived off I have taken 11,00,000/- loan from another bank and cleared the Loan. How to show 4,00,000/- loan waived off should be treated as profit or added to my capital account. Please clarify. Thanks in advance
CA R SEETHARAMAN
(Expert)
18 September 2023
Loan waived off should be treated as profit.
It's other income.
It's other income.
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