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Write back of Loans Taken

This query is : Resolved 
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(Querist)
22 September 2008 Whether loan taken now no more payable will be liable to tax in the year of witen back?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
22 September 2008 Principal amount of loan waived will be subject to tax as capital gain.
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Late CA Sampat Jain

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Late CA Sampat Jain (Expert)
22 September 2008 explain the circumastances due to whcih no more payable ............is it case of gift by lender........then check out for provisions taxing gift as income
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Ravikumar.G

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Ravikumar.G (Expert)
23 September 2008 if it is pertaining to Fixed asset purchase reduce from that cost.
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