269 ss

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

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Amol S Joglekar

Amol S Joglekar (Expert)
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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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