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Payment of loan in cash

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(Querist)
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 ?
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
18 January 2017 NO, you can't repay via cash. please pay by crossed cheque, rtgs or account transfer.
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Mayur

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Mayur (Expert)
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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