my client received a benefit of Rs. 9 Lakh From Settelement of Secured Loan my client status is partnership firm so my question is as under
1) Amount of Benefit Liable To tax
2) Amount of Benefit Exmpet as a Capital receipt
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Taxable income or Excemt as a capital receipt
Replies (1)
The details given are not sufficient. The nature of settlement whether it is a loan component or interest component should be known.
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