what is accounting procedure settlement of financial.loan ..in that settlement i get some gain because they waived my loan amount ..
my o/s payable is 4 lakh and i settle paying 3 lakh lumpsum..
is it 1 lakh capital gain please explain
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settlement of finacial loan
Replies (3)
if the loan was related for carrying out the operation then it wud be treated as indirect income and taxed as business income.
sir is it capital receipt to the b/s know...?
for what purpose the loan was obtained
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