08 May 2016
Dear sir , one of my client has unsecured loan of 7.5 lakh from his elder brother since 8 years without any interest, as he had split in his partnership with his brother thiis amount had been adjusted. now how to solve this query ????
08 May 2016
Dear Anonymous,
Law of Limitations States that after the years no debt if paid shall be written off. hence you can w/off this amount in p&l as income/expense.
CAclubindia
