Cash loan received from brother

This query is : Resolved

VIKAS SOLANKI (Querist)
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26 February 2013 immovable property of elder brother sold and amount received is paid to younger brother for construction purpose amounting to 20 lacs, can this unsecured cash loan can be taken in both the brothers books, is it allowable u/s sec 269SS, please clarify

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 February 2013 It is not the correct way. The elder brother should get constructed the property for the young brother and should either gift or sale the same to the younger brother.
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Cash Loan can not be shown as Section 269SS will not only hit but kick .
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