Cash receipt
This query is : Open
Yogesh Bhayal
(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.
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.
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.
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