269ss/t

This query is : Resolved

Kishan Joshi (Querist)
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14 July 2014 Hello,
When a firm Gives Loan to other party in excess of Rs. 20000/- then section 269ss or 269t applicable?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 July 2014 yes it is applicable..............................

CA Hardik Bunha

CA Hardik Bunha (Expert)
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14 July 2014 No section 269SS and 269 T will not be applicable.

It is a loans and advances but not unsecured loans.

this sections apply only unsecured loans

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Kishan Joshi

Kishan Joshi (Querist)
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14 July 2014 But sir, the wording of section 269ss says loan TAKEN or ACCEPTED and 269T says loan REPAYMENT. And in our case, loan GIVEN then also section applicable?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 July 2014 pls specify where it is written that only unsecured loans is targeted.

CA Hardik Bunha

CA Hardik Bunha (Expert)
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14 July 2014 yes both section 269SS and section 269T is apply only unsecured loans.

once u taken unsecured loans then 269SS when repaid it 269T.

secured loans is not covered in both sections.

Kishan Joshi

Kishan Joshi (Querist)
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14 July 2014 Apparently reading the section, we can understand that loan taken or accepted means it's nothing else unsecured loan only. So, there's the confusion.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 July 2014 ha to pls prove where it is written so u/s 269SS and sec 269T

CA Hardik Bunha

CA Hardik Bunha (Expert)
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14 July 2014 kishan joshi both section will not be applicable to you

but it will be applicable to whom loan is given

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269ss/t

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