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Treatment of Unsecured loan which will not be repaid.

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(Querist)
20 February 2010 If assessee does not require to repay any unsecured loan due from his relative, Whether such waive off of loan consider to be income for the P.Y ?
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Rasesh

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Rasesh (Expert)
20 February 2010 Yes. It has to be considered as income.

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