repayment of loan from friend!
This query is : Resolved
27 June 2009
I took a loan from a friend, who paid me by an account payee cheque, now I intend to pay a part back, and he has asked for me to give him cash or a bearer cheque in is name. If I dont give him an account payee cheque will the tax authrities think I am repaying the loan. What should I do?
CA Kartik Pandya
(Expert)
27 June 2009
yes you can pay the loan both by way of chq or cash whatever is convinient to you.But for the income tax aspect you have to show that entry in your books or else you have to make pmt by way of chq.
27 June 2009
As per iNCOME TAX ASPECT YOU SHOULD PAY TO BY ACCOUNT PAYEE CHEQUE
CA Nitin Wadhwani
(Expert)
28 June 2009
Otherwise penalty u/s 269T would be levied equal to the amount repaid by any mode other than a/c payee cheque and bank draft.
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