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Cash payment and cash receipt

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 March 2018 I am prop in my properitorship firm. I have withdrawn 15 lakh (on different dates), in cash, from my firm. I have given this amount as loan to some other person.(loan in my personal capacity). Is it allowed as per income tax provisions?

Next query is those persons will return that 15 lakh in next financial year. Can I accept that amount in cash and deposit that back into my firm?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 March 2018 Loan payment and receipts exceeding Rs 20,000 in cash not allowed.
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Querist : Anonymous

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Querist : Anonymous (Querist)
15 May 2018 sorry for my late response sir, and thanks a lot
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