Secured Loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 June 2011
Sir,
I take a gold loan from muthoot and they give me a bearer cheque in my name and I go their bank and withdraw cash in their bank. I want to know can I show secured loan in my book by cash. is it any problem in income tax. As per income tax act u/s 269ss a person can not recd. or payment any loan amount exceeding rs.20000/=. but how muthoot do this and in this case how i deposited cash loan in my account
I take a gold loan from muthoot and they give me a bearer cheque in my name and I go their bank and withdraw cash in their bank. I want to know can I show secured loan in my book by cash. is it any problem in income tax. As per income tax act u/s 269ss a person can not recd. or payment any loan amount exceeding rs.20000/=. but how muthoot do this and in this case how i deposited cash loan in my account
AMAN Gupta
(Expert)
24 June 2011
read sec 269SS
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