Unsecured loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
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 ????
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
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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.
Message likes :
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09 May 2016
what is the course of action you want to query?
09 May 2016
you can issue the cheque to brother and then you can make partner ship with his brother.
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