Taxability of waiver of working capital loan
This query is : Open
27 June 2012
Sir,
1. whether waiver of working capital loan by bank is taxable under income tax act?
if yes then please provide me some material so i cab prove it?
2. what will be the answer if unsecured loan taken by a pvt ltd company from relative of director of company is waived by co.?
1. whether waiver of working capital loan by bank is taxable under income tax act?
if yes then please provide me some material so i cab prove it?
2. what will be the answer if unsecured loan taken by a pvt ltd company from relative of director of company is waived by co.?
08 July 2012
There are 2 parts
1) Capital
2) Revenue
If you have debited Interest in past and if that is waived then it is to be treated as income
If the original loan amount is waived then it is capital receipt and not taxable
1) Capital
2) Revenue
If you have debited Interest in past and if that is waived then it is to be treated as income
If the original loan amount is waived then it is capital receipt and not taxable
09 July 2012
What will be the taxability if it is unsecured loan?
What will be the taxability if it is unsecured loan?
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