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Tax treatment

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Ashiwini Ballodia

Ashiwini Ballodia (Managing Partner at TAXounting)   (8727 Points)
Replied 20 June 2017

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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Ashiwini Ballodia

Ashiwini Ballodia (Managing Partner at TAXounting)   (8727 Points)
Replied 20 June 2017

Mr. Jayesh if loan has been paid by cash than section 269SS & 269ST will be attracted

Jayesh Sharda

Jayesh Sharda (none) (38 Points)
Replied 20 June 2017

Ya right mr. Ashiwini. If the loan amount exceeds 2 lakhs, i guess.

Jayesh Sharda

Jayesh Sharda (none) (38 Points)
Replied 20 June 2017

But can a assesse have his own liability in his books?????

Ashiwini Ballodia

Ashiwini Ballodia (Managing Partner at TAXounting)   (8727 Points)
Replied 20 June 2017

No, but how a person can writeoff cash/bank he can do it by capital a/c
1 Like

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Jayesh Sharda

Jayesh Sharda (none) (38 Points)
Replied 20 June 2017

Ya. Agreed. Can tranfer it to capital a/c. Then your entry holds good. Thanks :)

Jayesh Sharda

Jayesh Sharda (none) (38 Points)
Replied 20 June 2017

Husband's loan
To wife's capital


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