Applicabilty of sec 269ss & sec 269t to an agricultarist

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2014 Hi,

I wanted to know whether the provisions of Sec 269SS & Sec 269T are attracted where the Receiver of Loan is an Agriculturist and the Giver of Loan earns major part of his income from Agriculture and some part of his income from non-agricultural activities.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 October 2014 provisions of Section 269SS shall not apply to any loan or deposit where the person from whom the loan or deposit is taken or accepted and the person by whom the loan or deposit is taken or accepted are both having agricultural income and neither of them has any income chargeable to tax under this Act.

Refer Section 269SS from link below:

http://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

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