23 December 2013
Respected sir, The assessee is a proprietor having business balance sheet comprising of Fixed Assets-Rs.50 lacs and current assets of Rs.50 lacs. The Capital is of Rs.20 lacs,Secured loan against Fixed assets is of Rs.20 lacs and Unsecured loans is of Rs.60 lacs. My query is whether the assessee is eligible to take the deduction of Unsecured loans as a debt of Rs.10 lacs(60 lacs less 50 lacs of Current assets)while computing his net wealth?
CAclubindia
