Loan clearance regarding

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This query is : Resolved

MANJUNATHA M.R (Querist)

26 November 2014 Dear Experts My father in law availed KSFC Laon of Rs.21 Lakhs mortgaging his property. Now I want to clear the entire Loan amount through NEFT transfer from my Current Account. Whether this transaction is genuine transactions or not. If not please advise me how to clear the above loan and take back the pledged documents from KSFC. Thanks in Advance.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

26 November 2014 it is better u give them account payee cheque only rather then neft else it may attarct penalty u/s 269SS

MANJUNATHA M.R

MANJUNATHA M.R (Querist)

26 November 2014 I am confusing sir please elaborate little further. Thanking You Sir

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

26 November 2014 sec 269SS provides for a penalty of 100% of amount paid to the lender otherwise then by account payee cheque , so i suggested u the same.

MANJUNATHA M.R

MANJUNATHA M.R (Querist)

26 November 2014 Whether I should write the cheque to KSFC or in the name of My Father in law.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

26 November 2014 the person who is paying must pay to any lender or to your father in law only by account payee cheque.

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