CA Hardik Bunha (self) (2121 Points)
16 November 2011F.Y. 2006-07 In Loans and advances name of X shows by Rs. 5,00,000/-
After 4 Years(F.Y. 2010-11) capital gain arise Rs. 4,30,000/- (Assume after all calculation)
In that year i write off Mr. X's a/c as Mr. X is not eligible to pay my money.
So, Now Tax Treatment will be in LOSS (After set off u/s 70) Loss will be Rs. 70,000/-.
HEY MY FRIENDS ONLY EXPERTS WELCOME..........STUDENTS KEEP AWAY FROM THIS.
ashish gupta
( student)
(1922 Points)
Replied 17 November 2011
Even if you write off the X's A/x the same will not be allowed as business expenditure so how can you set off the capital gain of Rs. 4,30,000/-.
Attention to the Section 36(1)(vii) and section 36(2).
CA Hardik Bunha
(self)
(2121 Points)
Replied 17 November 2011
i already write in my post that students keep away from this. Mere dost apko pata hi nahi chal raha hai question kya he isme business exp. ki bat hi nahi aati............samje muje nahi apko sections refer karne chahiye.
Vikas
(CA)
(1135 Points)
Replied 18 November 2011
CAclubindia
