Unsecured loan from partners wife in firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 September 2013
Dear sir,
can in any firm wife of partner give cash loan to the firm of her Husband amounting to Rs. 600000/- (not paying in once)
can in any firm wife of partner give cash loan to the firm of her Husband amounting to Rs. 600000/- (not paying in once)
14 September 2013
Yes, but please see if she has that much cash..:)
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 September 2013
she has more than this much but one of the consultant said me that only upto Rs, 20000/- can be taken otherwise it will attract penalty as per IT act
16 September 2013
The consultant has rightly pointed out that cash loan should be limited to Rs. 20000.00. The same is as per Section 269 SS of the IT Act.
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