Cash withdrawal amount treated loan accepted in it act

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B.com
3026 Points Posted on 18 November 2021
one of the partner cash received rs:10 lacs from partner ship firm.
question:
partner amount from partnership rs:10 lacs treatment cash loan from partnership firm accepted in it act.
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On 18 November 2021 at 22:48 Report
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Quick Summary
This discussion clarifies the tax treatment of a partner withdrawing Rs. 10 lacs cash from a partnership firm. It confirms that such a withdrawal can be treated as a loan under the IT Act, provided a formal loan agreement is in place. Proper documentation is essential to support this treatment.

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ca
603 Points Posted on 18 November 2021
Yes it would be provided there is an loan agreement on that behalf
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On 18 November 2021 at 23:50
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Chartered Accountant
24588 Points Posted on 19 November 2021
Loan documentation should be provided
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On 19 November 2021 at 05:56

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