banner_ad

Cash receipt

This query is : Open 
Profile Image

Profile Image

(Querist)
21 August 2016 Dear Experts,

I have a query

can I receive cash exceeding rs 20000 from my parents for my business as loan and please also suggest income tax issue.
Profile Image

Kaushik Joshi

Profile Image

Kaushik Joshi (Expert)
21 August 2016 Dear Yogesh, Acceptance of loans above Rs 20000/- is not allowed as per Section 269SS and repayment thereof in cash above Rs.20000 per party per year under section 269T. Consequences include penalty equal to amount of loan taken. So I'd suggest you to not do the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details