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Q. > Please Help: income tax
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.
answered Nov 21, 2011 by CA VIPIN GARG , New Delhi
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
answered Nov 23, 2011 by AKHIL MAHESHWARI , Bhilwara
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......
Experts Panelist
Comments
lalit garg
21-Nov-2011 , 01:19:01 pmvipin 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
CA VIPIN GARG
22-Nov-2011 , 09:05:11 amPlease see my answer properly my dear, I am talking about MRS. A and NOT MR. A
lalit garg
22-Nov-2011 , 11:20:10 amlalit garg
22-Nov-2011 , 11:22:15 amOhhh ya right vipin, mrs A is not alive... and they are 5 brothers sisters....this is 1 of relatives's case.
lalit garg
28-Nov-2011 , 10:25:02 pmthank you..Akhil ji.can u plz mention sec no.