Income tax deduction

Dipen (Querist) 17 February 2013 This query is : Resolved
Can time barred loan be taken as income tax deduction? i.e. loan given but defaulted by borrower...

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ajay sethi (Expert) 17 February 2013
raise query in CA club India .com

C. P. CHUGH (Expert) 17 February 2013
In case the Loan was given in pursuance of Business Objectives then it can be claimed as Bad debt and is allowable expenditure u/s 37 of the Act. If it is a personal loan not related to business, then it cannot be claimed as deduction out of income chargeable to tax.

Sankaranarayanan (Expert) 20 February 2013
i too the same stand of mr chugh

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