Tax treatment

Tax queries 373 views 21 replies
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Managing Partner at TAXounting
8742 Points Joined November 2013
As per me the entry will be

Husband's Loan a/c DR
To Wife's loan (i.e. the loan amount which has been transferred from husband's books to wife's books)
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On 20 June 2017 at 22:04 Report
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Managing Partner at TAXounting
8742 Points Joined November 2013
As per me the entry will be

Husband's Loan a/c DR
To Wife's loan (i.e. the loan amount which has been transferred from husband's books to wife's books)
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On 20 June 2017 at 22:04
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Managing Partner at TAXounting
8742 Points Joined November 2013
Mr. Jayesh if loan has been paid by cash than section 269SS & 269ST will be attracted
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On 20 June 2017 at 22:06
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none
38 Points Joined August 2013
Ya right mr. Ashiwini. If the loan amount exceeds 2 lakhs, i guess.
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On 20 June 2017 at 22:11
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none
38 Points Joined August 2013
But can a assesse have his own liability in his books?????
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On 20 June 2017 at 22:12
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Managing Partner at TAXounting
8742 Points Joined November 2013
No, but how a person can writeoff cash/bank he can do it by capital a/c
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On 20 June 2017 at 22:13
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none
38 Points Joined August 2013
Ya. Agreed. Can tranfer it to capital a/c. Then your entry holds good. Thanks :)
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On 20 June 2017 at 22:16
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none
38 Points Joined August 2013
Husband's loan
To wife's capital
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On 20 June 2017 at 22:17


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