269 DD

This query is : Resolved

Shakthi (Querist)
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12 May 2010 MY CLIENT WHO IS DOING FINANCE BUSINESS HAS GIVEN A LOAN TO HIS CUSTOMER FOR RS 1 LAKH BY CHEQUE.

THE EMI AMOUNT IS RS 22,000.

CAN MY CLIENT RECEIVE THIS AMOUNT EVERY MONTH IN CASH.OR SHOULD HE RECEIVE IT ONLY BY CHEQUE.

WILL SECTION 269 SS BE ATTRACTED?

chetan soni

chetan soni (Expert)
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12 May 2010 Sec. 269 SS is applicable when you take any advance or loan in cash. But in your case the repayment in cash is for the loan earlier given. This will not be covered under sec 269SS.

The person repaying this will be covered in sec. 269SS in his books of accounts.

Shakthi

Shakthi (Querist)
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12 May 2010 but will section 269 D get attracted to the person receiving it in cash in this case

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