Application of section
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 April 2012
Can Sec40A(3) be invoked under sec 269T to take the benefit if interest is paid in cash in excess of 20000. Can sec 40A(3) provide for rescue, as it states expenditure in excess of 20000 cannot be paid in cash ?
Is such expenditure under the said sec is defined to include payment of interest.
As sec 269T specifically provides that loan including interest there of is not allowed to be paid in excess of 20000 in a year.
Is such expenditure under the said sec is defined to include payment of interest.
As sec 269T specifically provides that loan including interest there of is not allowed to be paid in excess of 20000 in a year.
04 April 2012
Section 269T is not applicable in your case, you are paying the amount of interest only.
There is no repayment of loan made by you in cash.
If you had paid the installment for the loan taken then section 269T could have been attaracted.Merely paying interest on the loan taken, does not mean to repayment of loan.
There is no repayment of loan made by you in cash.
If you had paid the installment for the loan taken then section 269T could have been attaracted.Merely paying interest on the loan taken, does not mean to repayment of loan.
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