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Unsecured loan

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11 December 2020 i have a query about unsecured loan that one person say. mr. A has received unsecured loan of rs. 300000/- from another person (not being relative) say Mr. B. after that Mr. B has been passed away. How to settle that Unsecured loan amount in the books of Mr. A???? What is the Taxability in hand of both Person????
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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
26 December 2020 It depends on agreement entered into. If there is not legal heirs for Mr. B then I think the entire loan amount should be treated as other income in the books of accounts of Mr. A and paid taxes accordingly.
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