Dear sir, I have withdraw cash from account and given loan as without intrest now I m get ing back by cheque. is there any issue?
best regards Ashish
Replies (3)
Quick Summary
This discussion addresses the legality and tax implications of providing cash loans without interest. The user inquired about potential issues after receiving a loan repayment via cheque, having initially withdrawn cash from their account. Other participants highlighted that cash loans are generally not permissible and receiving repayments by cheque for a cash loan could be problematic.