Please Help: income tax
Posted Date : 20-Nov-2011 , 11:03:38 am | Posted By: Lalit Garg
Category :
Income Tax | Answers :
2|
Comments :
5| Hits: 336
|
|
There are 2 parties A and B.A is father of B.B has taken loan from A rs.200000 and pay int.regularly in his books of account since many years,But now mr,A has expired.Now wht will treatment of int. and loan?Can int payment made now?And wht about loan,B has 5 brothers and sisters. |
 |
|
|
Answers:
|
 Answer by: CA VIPIN GARG |
| Dear Lalit, first of all tell me whether Mrs. A is alive or not ? If she is alive then the interest can still be paid to Mrs. A and the loan liability is still payable to Mrs. A, if otherwise then i will suggest the other way, please reply.....
Have a nice day Lalit
|
| Answer by: AKHIL MAHESHWARI |
| Dear Lalit, in such case, you know that the assets and liabilities of Mr. A will be transferred to his legal heirs, therefore, Rs. 200000 will be distributed (assumed that there is no will) among B and his 4 bro and sis as Rs. 40000 each as Loan Given (assets), B's assets will be squared up with his liability of payment of loan of Rs. 200000 and the remaining amount of loan Rs. 160,000 will be payable by B to his 4 bros and sis 40,000 Rs. each and interest separately on each loan as per the new or old interest rate decided among the other parties with B........ Hope you have clearly understood with the solution......
|
|
|
| Comments |
| Posted By : Lalit Garg |
28-Nov-2011, 10:25:02 |
| thank you..Akhil ji.can u plz mention sec no.
|
| |
| Posted By : Lalit Garg |
22-Nov-2011, 11:22:15 |
| Ohhh ya right vipin, mrs A is not alive... and they are 5 brothers sisters....this is 1 of relatives's case. |
| |
| Posted By : CA VIPIN GARG |
22-Nov-2011, 09:05:11 |
| Please see my answer properly my dear, I am talking about MRS. A and NOT MR. A |
| |
| Posted By : Lalit Garg |
21-Nov-2011, 01:19:01 |
| vipin ji,MR.A is father of B and not alive, vipin ji,the main issue has arisen is after his death what will treatment of int and loan,plz write with sections if u know....thank you |
| |
|
|
|
|
|
