Question ID :
29629
PGBP
Whether waived off of loan from a director become benefit as per Sec 28(iv) of the IT act? Can it be considered as extraordinary item in PL ac.
Posted by
Naseema
on
May 09, 2018
Filed Under
DIRECT TAXES
The taxability of waiver of loan depends upon the nature of the loan. for example, if the loan is taken for the purchasing a capital asset, waiver of the loan is not taxable.
Posted by
B.CHACKRAPANI WARRIER on
May 09, 2018
Answer ID :
66622
waived off loan from a director is taxable in the hands of company will depend on the purchase for which the loan was taken. If it is taken for trading purpose, then taxable.
Posted by
CA. SATISH CHAND GARG on
May 10, 2018