Applicability of section 269ss and 269t

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Binita (Querist)
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21 June 2012 A company give a unsecured loan of Rs.180000 to one of director.kindly tell me whether it attract section 269SS and 269T.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 June 2012 Section 269SS & Section 269T are applicable in the hands of the BORROWER and NOT in the hands of the lender.

Section 269SS prohibits accepting loan in cash exceeding Rs. 20,000.

Section 269T prohibits repayment of loan in cash exceeding Rs. 20,000.

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