Unsecured loan from partners wife in firm

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
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)


14 September 2013 Yes, but please see if she has that much cash..:)

Avatar

Querist : Anonymous

Profile Image
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.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries