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repayment of loan

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(Querist)
06 July 2009 If one has taken a loan more than Rs.20000.can he repay his loan in cash or cross cheque in instalment or partly in cash and partly in a/c payee cheque? if not than can he repay this amount in cash instalment during the whole life of loan?
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
06 July 2009 repayment of loan more than 20000 should be paid only by account payee cheque. payment of less than 20000 can be done by cash
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Rakesh Jain

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Rakesh Jain (Querist)
07 July 2009 Thank sir. but let me please know about partly repayment of loan more than 20000.for examp. one has taken a loan of rs. 25000/- can he repay this in two instalment of rs. 15000/- and 10000/- during the current year. if ans. is no than let me know will he be liable for any penalty. one more Q. can he repay his loan in cash partly in upcoming 3 or 4 financial year.
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CA Bosu babu

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CA Bosu babu (Expert)
09 July 2009 bank loans will not attract 269SS & T
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