Payment of loan in cash
This query is : Resolved
18 January 2017
MY FRIEND HAVE GIVEN ME RS. FIVE LAKH LOAN THROUGH CHEQUE .
CAN I RETURN THIS AMOUNT HIM IN CASH IN ONE TIME OR IN MANY INSTALLMENT OF LESS THAN RS. 20000 ?
CAN I RETURN THIS AMOUNT HIM IN CASH IN ONE TIME OR IN MANY INSTALLMENT OF LESS THAN RS. 20000 ?
18 January 2017
NO, you can't repay via cash. please pay by crossed cheque, rtgs or account transfer.
18 January 2017
As per Section 269SS, if you repay the loan of more than Rs. 20000 in a year, there is 100 % Penalty as per section 271(d).
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