My client is a partner in a firm where the firm let out a building and collecting a rent of rs 6000 every month.Partner gave an unsecured loan at the beginning of rs 72000 and at the end of the year the company adjust the rent payable by him against unsecured loan.does the provisions of sec 269SS are applicable? Indeed i come across a provision that provisions of sec 269SS are not applicable to the firm and its partners as firm and partners are same.if the above assertion is right and sec 269SS are not applicable,is there any need to show under report regarding transactions covered under 269SS while filing income tax returns?
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269ss
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Dear,
yes, sec. 269SS will be applicable.. there is no such exception of firm and partners or like.....
better would be to take the amount of Rs. 72000 as security deposit, not as unsecured loan... as you have adjusted that amount with the rent payable by partner... so, treat it as security deposit with partnership firm... no problem in it...
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