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Unsecured Loan

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(Querist)
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
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CA.SHAHZAD SAYYED

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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
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