If in FY20-21, some unsecured loans are standing in the books of accounts have been converted into Equity Share Capital amounting to more than Rs.10 Lakh- Whether such conversion of Loan into Equity be reported in SFT (Form 61A) under "Receipt from any person of an amount aggregating to Rs. 10Lakh or more"?
(Note- Loans were already standing in Books of accounts as at 01-04-2020; and same have been converted into Equity Share Capital in FY20-21)
Thanks for the prompt response Mr. Veerendar. Other professional views are solicited.
Mr. Arjun, have you got any update on same?
I'm also searching the same that whether conversion of Unsecured loan will lead to SFT reporting
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