Hi Members,
Please suggest on the following query. A proprietorship firm (non-audited) has unsecured loan of Rs. 4 lacs in 2017-18. Can repayment of loan in this case be done in cash?
Thanks
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Loan repayment in cash
Replies (4)
Yes, if repayment of loan is to a bank registered under banking regulation act.
Unsecured loan has been taken from relative.
Well in that case repayment in cash above 20,000/- is not allowed
See section 269Ss
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