Unsecured Loan
This query is : Resolved
09 July 2009
Whether Unsecured Loans above Rs.1,20,000/- can be repaid/write off by paying cash installment of Rs.20,000/- over sevral years? What will be its ITax implicatipon of such transaction
CA.SHAHZAD SAYYED
(Expert)
09 July 2009
REPAYMENT OF LOAN, DEPOSIT IN EXCESS OF RS.20000 (AGGREGATE) MUST BE MADE BY A/C PAYEE CHEQUE U/S 269T
UR LOAN AMOUNT IS IN AGGREGATE MORE THAN PRESCRIBED LIMIT SO U CAN NOT MAKE REPAYMENT IN CASH
UR LOAN AMOUNT IS IN AGGREGATE MORE THAN PRESCRIBED LIMIT SO U CAN NOT MAKE REPAYMENT IN CASH
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