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
18 September 2023
Loan waived off should be treated as profit.
It's other income.
It's other income.
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