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Cash Loan from Partner

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CA
115 Points Posted on 16 July 2022
Can partnership firm receive cash loan of Rs. 22 Lacs in one installment from Partner? Will it attract penalty under income tax act?
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On 16 July 2022 at 20:11 Report
Replies (5)
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729 Points Posted on 16 July 2022
You can't receive cash loan more then 19999/-
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On 16 July 2022 at 21:14
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CA
115 Points Posted on 16 July 2022
But there are high court judgements that provisions of cash loan not applicable in case partner and partnership firm
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On 16 July 2022 at 21:24
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Practising CA
8954 Points Posted on 17 July 2022
Please show it as introduction of capital by partner ( Current capital account ). Your problem gets solved.
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On 17 July 2022 at 02:04
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Profession Business
28207 Points Posted on 17 July 2022
Cash loan from partner segregate in a period of one month in the ledger.
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On 17 July 2022 at 06:05
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CA
115 Points Posted on 17 July 2022
What if the firm shows it as unsecured loan? Whats the problem?
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On 17 July 2022 at 09:53


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