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Unsecured loan from partners wife in firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 September 2013 Dear sir,


can in any firm wife of partner give cash loan to the firm of her Husband amounting to Rs. 600000/- (not paying in once)
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Vijay Thadani

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Vijay Thadani (Expert)
14 September 2013 Yes, but please see if she has that much cash..:)
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Querist : Anonymous

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Querist : Anonymous (Querist)
15 September 2013 she has more than this much but one of the consultant said me that only upto Rs, 20000/- can be taken otherwise it will attract penalty as per IT act
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Vijay Thadani

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Vijay Thadani (Expert)
16 September 2013 The consultant has rightly pointed out that cash loan should be limited to Rs. 20000.00. The same is as per Section 269 SS of the IT Act.
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