Sale Against Loan Taken

Sourabh Ambure (student and entrepreneur) (137 Points)

30 November 2018

Can Unsecured Loan taken adjusted by sale of goods to loan giving party ?

Reply
Follow
Share

5 Replies

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 30 November 2018

Originally posted by : Sourabh Ambure
	Can Unsecured Loan taken adjusted by sale of goods to loan giving party ?

Yes,

First pass an entry of unsecured loan to advance received from customer

and then advance to sale.

1 Like

Sourabh Ambure (student and entrepreneur) (137 Points)
Replied 30 November 2018

is it ok from income tax point of view in case of audit firm.

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 30 November 2018

Originally posted by : Sourabh Ambure
	is it ok from income tax point of view in case of audit firm.

Yes

rama krishnan (12239 Points)
Replied 01 December 2018

yes you can, it's as good as you offer unsecured loan as income, so there's no restrictions

1 Like

Nitesh bind (Student CA Final ) (12692 Points)
Replied 01 December 2018

Yes, and in fact this is very common and perfectly Valid.

1 Like

Start a New Discussion