Shares / bad debt / writeoff in pl or capital a/c

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Director
92 Points Posted on 29 May 2012

 

Hello,
 
An Individual purchased shares of an Unlisted Ltd company 12 to 15 Years ago.
 
Co. had closed its business since last 5 Years. No dividend.
 
I want to write off the investment into bad debts.
Can this be done ?
 
If yes, what is the procedure.
Pls advice.
 
Thank you in advance.
 
Best regards,
Sanjay
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On 29 May 2012 at 15:49 Report
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Practicing
567 Points Posted on 29 May 2012

yes you can write off your investment to P&L... there is no benchmark procedure for this purpose. Investments having no value can be written off provided sufficient proof is available to substantiate this claim.

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On 29 May 2012 at 16:05

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