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Cash Loan from Partner
Can partnership firm receive cash loan of Rs. 22 Lacs in one installment from Partner? Will it attract penalty under income tax act?
Replies (5)
You can't receive cash loan more then 19999/-
But there are high court judgements that provisions of cash loan not applicable in case partner and partnership firm
Please show it as introduction of capital by partner ( Current capital account ). Your problem gets solved.
Cash loan from partner segregate in a period of one month in the ledger.
What if the firm shows it as unsecured loan? Whats the problem?
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