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Personal loan not paid back

Tax queries 475 views 7 replies
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Accounts
105 Points Joined September 2020

Hi 

if any personal loan is unpaid then will it be treated as income or capitalised? 

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On 08 September 2023 at 16:43 Report
Replies (7)
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CFO- at NHTF
58280 Points Joined August 2012
It will be under liability till the external confirmation received.

You may need to treat it as income
2 Reply
On 08 September 2023 at 16:52
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Profession Business
28196 Points Joined May 2017
In personal books.
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On 08 September 2023 at 17:14
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CFO- at NHTF
58280 Points Joined August 2012
If no confirmation is received then it remains as loan under liabilities
2 Reply
On 08 September 2023 at 17:15
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Accounts
105 Points Joined September 2020

After receiving confirmation can it be treated as income? The amount is approx 50lakhs

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On 08 September 2023 at 17:16
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CFO- at NHTF
58280 Points Joined August 2012
Yes. It should be income only
2 Reply
On 08 September 2023 at 17:16
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
No, It's not an income.
It's will capitalize...
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On 08 September 2023 at 18:10
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Profession Business
28196 Points Joined May 2017
If it is not entered or registered in books then it is ok
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On 13 September 2023 at 16:41

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