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Sale Against Loan Taken
Can Unsecured Loan taken adjusted by sale of goods to loan giving party ?
Replies (5)
| Originally posted by : Sourabh Ambure | ||
 |
Can Unsecured Loan taken adjusted by sale of goods to loan giving party ? |  |
Yes,
First pass an entry of unsecured loan to advance received from customer
and then advance to sale.
is it ok from income tax point of view in case of audit firm.
| Originally posted by : Sourabh Ambure | ||
|
is it ok from income tax point of view in case of audit firm. | |
Yes
yes you can, it's as good as you offer unsecured loan as income, so there's no restrictions
Yes, and in fact this is very common and perfectly Valid.
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