loan repayment u/s269t
This query is : Resolved
04 August 2008
dear sir,
please guide me on the follwing:
in case of a loan having an outstanding balance of rs.1 lakhs and interest is paid in cash . does it violate the provisions of sec 269t . is it necessary that intersst if credited to another account other than loan account,then there wont be violation coz it forms a seperate loan by itself.
thank u
please guide me on the follwing:
in case of a loan having an outstanding balance of rs.1 lakhs and interest is paid in cash . does it violate the provisions of sec 269t . is it necessary that intersst if credited to another account other than loan account,then there wont be violation coz it forms a seperate loan by itself.
thank u
05 August 2008
No even the interest can not be paid in cash. The provisions of Section 269T(a) are reproduced here under:
(a) the amount of the loan or deposit together with the interest, if any, payable thereon
As such, repayment of interest can not be made otherwise than an account payee cheque or bank draft whether parked in the main loan account or elsewhere.
(a) the amount of the loan or deposit together with the interest, if any, payable thereon
As such, repayment of interest can not be made otherwise than an account payee cheque or bank draft whether parked in the main loan account or elsewhere.
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