Indivdual and HUF
This query is : Resolved
22 March 2010
whether Section 269 SS and T would be atttracted when a loan is received by the assesees (individual status) from the same HUF status of the assessee,in cash
CA Pramod Jain
(Expert)
22 March 2010
ya
CA Suresh Choudhary
(Expert)
22 March 2010
Yes
Taranjit Singh
(Expert)
22 March 2010
No person shall, after the 30th day of June, 1984, take or accept from any other person (hereafter in this section referred to as the depositor), any loan or deposit otherwise than by an account payee cheque or account payee bank draft if,—
(a) the amount of such loan or deposit or the aggregate amount of such loan and deposit ; or
(b) on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid ; or
(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b),
is 24[twenty] thousand rupees or more :
(a) the amount of such loan or deposit or the aggregate amount of such loan and deposit ; or
(b) on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid ; or
(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b),
is 24[twenty] thousand rupees or more :
CA Ashok Kumar Sahu
(Expert)
23 March 2010
agreed
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