Unsecured loan

[MITHUN SAHA]

sir,

In F/Y 2013-14 my uncle has taken ₹ 45000/- as unsecured loan on 06/06/2013. But my uncle expired last month with a heart attack.. till then no payment was made by my uncle against above loan given to him.My Question is : A) can i take cheque from my Auntie for the above or what can i do to nullify the loan so that no issue is raised as per IT act.

[arun gupta]

check d books of account of ur uncle wat assets he had.

ur money must be dere in his balance sheet ,

either invested somewhere in stocks or advances or in cash

so take dat share from dat person to whom d entire capital of ur uncle is gonna be transeferrd

AI Summary

Unsecured loan recovery after debtor's death: pursue repayment from estate or heirs based on deceased's accounts and assets.
Issue: unpaid unsecured loan to a deceased debtor and whether repayment can be obtained from the debtor's spouse or the loan can be nullified for Income Tax Act purposes. Reply: examine the deceased's books to confirm the loan as an asset or advance in his balance sheet, locate where the funds were invested or held, and claim that share or asset from the person inheriting the deceased's capital.