Use of loans and advance and debtors to buy personal assets
This query is : Open
17 January 2015
can a person prop. of a firm buy a residential house property using its trade debtors, Loans and advances money?
If so, please provide some case references..
Thank you
If so, please provide some case references..
Thank you
17 January 2015
you can do so on the Firm name...Proprietors are considered as individual in the eye of income tax..
Proper entries has to be made in your books for this
Proper entries has to be made in your books for this
17 January 2015
Is there any section or case which support the same?
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