269ss/t
This query is : Resolved
Kishan Joshi
(Querist)
14 July 2014
Hello,
When a firm Gives Loan to other party in excess of Rs. 20000/- then section 269ss or 269t applicable?
When a firm Gives Loan to other party in excess of Rs. 20000/- then section 269ss or 269t applicable?
14 July 2014
yes it is applicable..............................
CA Hardik Bunha
(Expert)
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
It is a loans and advances but not unsecured loans.
this sections apply only unsecured loans
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Kishan Joshi
(Querist)
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?
14 July 2014
pls specify where it is written that only unsecured loans is targeted.
CA Hardik Bunha
(Expert)
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.
once u taken unsecured loans then 269SS when repaid it 269T.
secured loans is not covered in both sections.
Kishan Joshi
(Querist)
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.
14 July 2014
ha to pls prove where it is written so u/s 269SS and sec 269T
CA Hardik Bunha
(Expert)
14 July 2014
kishan joshi both section will not be applicable to you
but it will be applicable to whom loan is given
but it will be applicable to whom loan is given
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