banner_ad

repayment of loan from friend!

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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?
Profile Image

CA Kartik Pandya

Profile Image

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.
Profile Image

C A Anjani Kumar mundhra

Profile Image

C A Anjani Kumar mundhra (Expert)
27 June 2009 As per iNCOME TAX ASPECT YOU SHOULD PAY TO BY ACCOUNT PAYEE CHEQUE
Profile Image

CA Nitin Wadhwani

Profile Image

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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 30 April 2026
Article Assistant

M/s G.K. Choksi & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
ARTICLESHIP 30 April 2026
Article Assistant

J SINGH & ASSOCIATES

Ahmedabad

CA Inter

View Details
Company
03 May 2026
Senior Chartered Accountant

Nirmal Jain & Co

New Delhi

CA

View Details