269 ss

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shanker (Querist)

15 September 2012 Dear experts,
if i receive rs.19000/- CASH loan from 6 persons in a single day, and repay it after 3 months to all 6 persons will it attract 269 SS & ST ??

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

15 September 2012 Section 269SS & T applies only for the loans taken Rs.20000 or more from a person.

Here for the purpose of Rs.20000 or more consider at any time if his balance reaches Rs.20000 or more in the financial year. Once he entered into the section 269SS & T till the squared up of his loan he will continue under 269SS & T eventhough his balance comes down to Rs.20000 below.

OM SAI SRI SAI JAI JAI SAI

shanker

shanker (Querist)

15 September 2012 ji, iam not clear. pls clarify whether it will attract 269 SS if i do so?

Amol S Joglekar

Amol S Joglekar (Expert)

15 September 2012 No, it will NOT attract 269SS and T. (Please make a note that it will definitely attract the eyebrows of income tax department. The person sitting in the income tax dept chair will smell this as window dressed transaction.

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