We have a partnership firm. We want to dissolve it. There is a loan outstanding in our books amounting Rs. 2,50,000 in individual name. Can we make all payment in cash in single or two transaction? The limit of Rs. 2,00,000 u/s 269ST applies here or not? Is any other section applies on this transaction?
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Repayment of loan in cash
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Section 269T of IT act.......
No more repayment of loans of Rs. 20,000/- and more by cash..
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