As per me the entry will be
Husband's Loan a/c DR
To Wife's loan (i.e. the loan amount which has been transferred from husband's books to wife's books)
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Tax treatment
Mr. Jayesh if loan has been paid by cash than section 269SS & 269ST will be attracted
Ya right mr. Ashiwini. If the loan amount exceeds 2 lakhs, i guess.
But can a assesse have his own liability in his books?????
No, but how a person can writeoff cash/bank he can do it by capital a/c
Ya. Agreed. Can tranfer it to capital a/c. Then your entry holds good. Thanks :)
Husband's loan
To wife's capital
To wife's capital
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