1.Loan received and repaid through not account payee cheque, penalty is applicable?
2.Loan received and repaid through account other than borrower / loan to person through electronic mode, then penalty is applicable?
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Income tax query
Replies (4)
Quick Summary
1. Loan should be paid through account payee cheque or through account payee bank draft or in such electronic mode other than cash under section 269SS.
2. But loan should not be paid through other than borrower account. Loan might be repaid through electronic mode
2. But loan should not be paid through other than borrower account. Loan might be repaid through electronic mode
1. account payee cheque mandatory. penalty 100%
2. No third party cheque allowed. Penalty 100%
2. No third party cheque allowed. Penalty 100%
Pravin Ji
Pl quote section for point no.2
Dear sourav, my second query is about loan repayment is made through electronic mode but payment is not directly to borrower account it is transferred to another person account as per request from the borrower through electronic mode is any problem? is any penalty? this is considered as repayment?
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