Writing off loan advanced
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 February 2014
Sir,
I would like to know that if a person has advanced loan to any person and has also booked interest income on it but now the loan amount alongwith interest has become irrecoverable so can the asessee write off the loan as bad debt alongwith interest and claim it as an expenditure.
I would like to know that if a person has advanced loan to any person and has also booked interest income on it but now the loan amount alongwith interest has become irrecoverable so can the asessee write off the loan as bad debt alongwith interest and claim it as an expenditure.
21 February 2014
yes this can be done after amendment of section 36(vi)(a) you can claim it as a bad debt provided this has been landed out of your business transaction
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