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Q. > Please Help: Liabiity of tax.
when a debtor transfer a debt to a creditor entity it control, then liabilities of tax will arise because of this event as per income tax Act.
3 Answers
answered Jul 05, 2012 by Krishna Chandra Santi , Chennai
I think there is no income arises in the above case so no tax liability.
answered Jul 05, 2012 by Rambabu Senkarasetti , Guntur
No tax will arise.
answered Jul 05, 2012 by Rambabu Senkarasetti , Guntur
No tax will arise.
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Comments
Krishna Chandra Santi
05-Jul-2012 , 12:59:34 pmMr vikas what u want to know, whether liabolity will arise or not or, treatment of such liability?
Krishna Chandra Santi
05-Jul-2012 , 01:00:58 pmPlease clarify your question, whether creditor is controlled ny the debtor entity or anything else?