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Sale proceeds to unsecured loan
Can we reduce the liability of unsecured loan in books (maintained under section 44ab) through sale proceeds with mutual consent ????
Replies (6)
Yes.... If You are make sale/supply for the party then You can reduce the loan amount if you are received them...
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
loan amount paid via check 7 lac
and via sale 15 lac
closing balance 18 lac
Yes... You can.
Consider any interest payable as per Your understanding...
Consider any interest payable as per Your understanding...
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).
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).
I ALREADY REPLIED THE SAME
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