Cash Loan from Partner

Nehu (CA) (115 Points)

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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5 Replies

Naveen Kumar (729 Points)
Replied 16 July 2022

You can't receive cash loan more then 19999/-

Nehu (CA) (115 Points)
Replied 16 July 2022

But there are high court judgements that provisions of cash loan not applicable in case partner and partnership firm

CA Raj Doshi (Practising CA) (8799 Points)
Replied 17 July 2022

Please show it as introduction of capital by partner ( Current capital account ). Your problem gets solved.

sabyasachi mukherjee (26288 Points)
Replied 17 July 2022

Cash loan from partner segregate in a period of one month in the ledger.

Nehu (CA) (115 Points)
Replied 17 July 2022

What if the firm shows it as unsecured loan? Whats the problem?

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