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Tax treatment

Tax queries 461 views 21 replies
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tax consultant
114 Points Posted on 20 June 2017

unsecured loan is shown in books of wife in name of husband, the husband is now dead, what ll be the treatment of that loan in wife's book of accounts?

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On 20 June 2017 at 21:09 Report
Replies (21)
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Managing Partner at TAXounting
8742 Points Posted on 20 June 2017
As per me the loan will be recorded in the name of legal heir in the books of wife
31 Reply
On 20 June 2017 at 21:21
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tax consultant
114 Points Posted on 20 June 2017

SIR, WHAT IF WIFE IS THE ONLY LEGAL HEIR??

1 Reply
On 20 June 2017 at 21:45
Guest

Write it off.

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On 20 June 2017 at 21:47
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Managing Partner at TAXounting
8742 Points Posted on 20 June 2017
Agree with Mr.Manish
31 Reply
On 20 June 2017 at 21:48
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tax consultant
114 Points Posted on 20 June 2017

WHAT ENTRY WOULD BE PASSED IN THE BOOKS TO GIVE EFFECT TO THIS TRANSACTION?

1 Reply
On 20 June 2017 at 21:52
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Managing Partner at TAXounting
8742 Points Posted on 20 June 2017
1st you will transfer all the asset & liability of husband in wife books and than you should write it off by passing a journal entey
31 Reply
On 20 June 2017 at 21:53
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none
38 Points Posted on 20 June 2017
If this is a asset-Writing it off might cause the wife to pay tax on such income, which would have already been paid by her husband. Its better to show it as a repayment.
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On 20 June 2017 at 21:54
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tax consultant
114 Points Posted on 20 June 2017

IT IS AN UNSECURED LOAN, I.E., IN CASH

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On 20 June 2017 at 21:55
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none
38 Points Posted on 20 June 2017
Asset or liability?
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On 20 June 2017 at 21:56
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tax consultant
114 Points Posted on 20 June 2017

ASHIWINI SIR, CAPITAL A/C IS BE CREDITED BY SAME ACCOUNT?

HUSBAND'S LOAN A/C DR.

             TO CAPITAL A/C

??

1 Reply
On 20 June 2017 at 21:58
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tax consultant
114 Points Posted on 20 June 2017

AN LIABILITY

1 Reply
On 20 June 2017 at 22:00
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Managing Partner at TAXounting
8742 Points Posted on 20 June 2017
As per me the entry will be

Husband's Loan a/c DR
To Wife's loan (i.e. the
31 Reply
On 20 June 2017 at 22:01
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tax consultant
114 Points Posted on 20 June 2017

HOW WILL THAT BE POSSIBLE? LOAN FROM SELF IN HER BOOKS?

1 Reply
On 20 June 2017 at 22:04
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none
38 Points Posted on 20 June 2017
Loan a/c debit
To cash/bank.



Withdraw or tranfer the money
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On 20 June 2017 at 22:04


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