CASH PAID ABOVE RS.50000/- AS LOAN TO ANOTHER INDIVIDUAL
This query is : Resolved
Guest
Guest
(Querist)
09 June 2009
Please confirm the non-compliance and if so, I need some sort of evidence like related circular or notification indicating the non-compliance for such transaction. Once again, Thanks for your response.
CA. B.SRINIVASULU
(Expert)
09 June 2009
As per section 296SS and 269T of income tax, no assessee should receive or pay loan in cash more than Rs.20000/-. If received or paid the assessee will be violating the section 269SS and 269T and will have to pay the penalties accordingly.
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