Unsecured loan converted into partner's capital
This query is : Open
22 July 2016
Hello everyone..
Whether Sec 269SS or 269T is applicable in following transaction?
Mr. C gives an unsecured loan of Rs. 3,00,000/- in FY 2014-15 to M/s AB a partnership firm. Now from FY 2015-16 Mr. C admitted as 3rd partner in M/s AB firm.
So what is treatment in Tax Audit Report Clause 31(a) or (b) for FY 2015-16 or AY 2016-17.
Whether Sec 269SS or 269T is applicable in following transaction?
Mr. C gives an unsecured loan of Rs. 3,00,000/- in FY 2014-15 to M/s AB a partnership firm. Now from FY 2015-16 Mr. C admitted as 3rd partner in M/s AB firm.
So what is treatment in Tax Audit Report Clause 31(a) or (b) for FY 2015-16 or AY 2016-17.
22 July 2016
in year 2014-15 sec 269ss and 269t is applicable. however in the next year i.e. 201516 firm has to clerly metion about admission and the loan treatment given by way of notes.
wait fore other erperts review.
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