A husband has taken interest free loan of Rs. 2,00,000.00 from his wife for business purpose. In the end of March 2011, his wife died and the all the property of wife now legally vests with her husband. How the unsecured loan of wife be treated in the books of accounts for F.Y. 2010-11?
Menu
Loan from wife
Replies (5)
i thnk the loan now transferred to husband capital account
that should be transferred to husbands capital account
Can any partnership firm accepts loan in cash ....if yes...any limits on this?? How can we do this line agreement or what???
Following Entry should be passed:-
Loan from wife A/c ....... Dr.
To Proprietor's Capital A/c
Thanks All.
Should the loan be transferred in March 2011 only or we can transfer it in April 2011?
Recent Topic
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
- Reporting STCG on non equity oriented MF
- Section 54F exemption for buying a plot
Related Topics
CAclubindia
