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Sale proceeds to unsecured loan

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172 Points Posted on 29 December 2019
Can we reduce the liability of unsecured loan in books (maintained under section 44ab) through sale proceeds with mutual consent ????
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On 29 December 2019 at 08:39 Report
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128147 Points Posted on 29 December 2019
Yes.... If You are make sale/supply for the party then You can reduce the loan amount if you are received them...
463 Reply
On 29 December 2019 at 10:01
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172 Points Posted on 29 December 2019
Loan amount is opening balance in the books says 40 lac....
loan amount paid via check 7 lac
and via sale 15 lac

closing balance 18 lac
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On 29 December 2019 at 10:34
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128147 Points Posted on 29 December 2019
Yes... You can.

Consider any interest payable as per Your understanding...
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On 29 December 2019 at 10:58
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17264 Points Posted on 29 December 2019
You can adjust amount of sale proceeds against unsecured loan amount payable by you.

Pay interest as per terms. it's deductible as expenditure.

Pay minimum 9% interest . otherwise lender will have to pay deemed interest income say 4% if you pay interest @ 5% (notional interest).
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On 29 December 2019 at 11:56
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128147 Points Posted on 29 December 2019

I ALREADY REPLIED THE SAME

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On 29 December 2019 at 12:09
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17264 Points Posted on 29 December 2019
There is value addition in my reply. It's for Forum visitors.
101 Reply
On 29 December 2019 at 12:20


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