what is accounting procedure settlement of financial.loan ..in that settlement i get some gain because they waived my loan amount ..
my o/s payable is 4 lakh and i settle paying 3 lakh lumpsum..
is it 1 lakh capital gain please explain
3 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 09 February 2019
if the loan was related for carrying out the operation then it wud be treated as indirect income and taxed as business income.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 09 February 2019
for what purpose the loan was obtained
Recent Topics
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
Related Threads
CAclubindia
