Interest received in cash on loan given

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Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2013 One of our client have received Rs. 18,000/- interest in cash on loan given. The Loan amount is Rs. 1,80,000/- which was given through account payee cheque. Is section 269SS or 269T will apply ?

S Sivasalapathy

S Sivasalapathy (Expert)
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12 April 2013 Sec 269 relates to acceptance & repayment of loan. And the amount is bellow Rs. 20,000/-, Sec 269 not applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

15 April 2013 thank you for your reply. but if the interest amount is more than Rs. 20000/- paid in cash then Section 269 will be applicable ?

S Sivasalapathy

S Sivasalapathy (Expert)
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16 April 2013 Sec 269ss & t not applicable to interest on loan. It is relates to loan given and acceptance.

Querist : Anonymous

Querist : Anonymous (Querist)

17 April 2013 thank you for your reply

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