Margin money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 December 2011
Is Refund of Margin Money by bank in case of LC is Income
08 December 2011
At the time of opening an LC margin money deposit will be classified under LC Margin money deposit. Refund of margin money will be credited to the particular LC margin money deposit so that the account will be nullified, it will not be income.
Interest earned on LC Margin money deposit will be treated as income under the head income on Margin money deposit.
Interest earned on LC Margin money deposit will be treated as income under the head income on Margin money deposit.
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