Interest received in cash on loan given

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 April 2013 One of our client have received Rs. 18,000/- interest in cash on loan given. The Loan amount is Rs. 1,80,000/- which was given through account payee cheque. Is section 269SS or 269T will apply ?
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S Sivasalapathy

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S Sivasalapathy (Expert)
12 April 2013 Sec 269 relates to acceptance & repayment of loan. And the amount is bellow Rs. 20,000/-, Sec 269 not applicable.
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Querist : Anonymous

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Querist : Anonymous (Querist)
15 April 2013 thank you for your reply. but if the interest amount is more than Rs. 20000/- paid in cash then Section 269 will be applicable ?
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S Sivasalapathy

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S Sivasalapathy (Expert)
16 April 2013 Sec 269ss & t not applicable to interest on loan. It is relates to loan given and acceptance.
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Querist : Anonymous

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Querist : Anonymous (Querist)
17 April 2013 thank you for your reply

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