Unsecured loans transfer to partner capital a.c.
This query is : Resolved
08 November 2020
A partnership firm unsecured loans
received from different creditors value Rs40 lacs out standing opening balance as per books . this amount (40 lacs)transferred from partnership firm to one of partner capital account .
Question:
Above mentioned transactions allowed in I.t .act.
received from different creditors value Rs40 lacs out standing opening balance as per books . this amount (40 lacs)transferred from partnership firm to one of partner capital account .
Question:
Above mentioned transactions allowed in I.t .act.
08 November 2020
Not allowed such transfer. Such transfer will be considered as other income and taxable in the hands of partner.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS DEMAND.
- Joint Account Closure
- 139(4) for ITR-5- audit
- TDS-Fixed assets
- RCM PAID ON RENT IN RESTAURANT BUSINESS @ GST RATE 5%
- Registartion of trust
- TDS can We Adjust 194C Amount to 194J
- Mentioned xyz as employer name instead of xyz LLC in ITR
- NATURE OF PENALTY AND INTEREST UNDER TAXATION
- Reversal of unutilized ITC can be paid through ITC
- Claiming TDS credit of unclaimed TDS of past years
- GST APPLICABILITY FOR PLANTS
- OMR sheet / MCQ booklet no / error
- Availment of GST Input
- HELP-1st Group final exam for old student
- Ammended B2B invoice not displayed in GST2B
- TDS OR GST APPLICABLITY
- FORM SPL-02
- Complication in generating GSTR-2B
- Sale of liquidated company
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
