Regarding loan cash

Kamlesh Tolani (accountant) (562 Points)

31 January 2021

respected members
I have cash paid to one friend rs.450000 so this entry is unsecured loan or loans and advances.
thank u in advance

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6 Replies

Kapadia Pravin (17249 Points)
Replied 31 January 2021

It's Loans and Advances paid . However mode of payment that is cash will invite penalty 100% of such amount.

rama krishnan (12234 Points)
Replied 31 January 2021

Penalty will attract in the hands of recipient only

Kamlesh Tolani (accountant) (562 Points)
Replied 31 January 2021

Sir his not repay this loan so I have case on this party.

Kapadia Pravin (17249 Points)
Replied 31 January 2021

Very much right. Also the lender has to prove the bonafides source of cash 4.50 lakhs. So trouble will be on both sides.

Krishna Chaudhary (Accountant) (4531 Points)
Replied 31 January 2021

This is loan and advance for u and unsecured loan for your friend. penalty of 100% amount will levied.

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CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 01 February 2021

You cannot pay any sum in cash if amount of loan exceeding Rs. 20000 .It will attracts 100% Penalty u/s 271E on violation of Sec 269T

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