loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 March 2010
if a person had taken a loan from his relative for five time but none of them is being exceeded Rs. 20000/- then is there any violation of LAw
27 March 2010
yes it is a violation of Section 269 T of the IT act. 20000/- is aggregate limit.
consequence: the whole loan amount will be treated as income of the recipient.
consequence: the whole loan amount will be treated as income of the recipient.
27 March 2010
i thing if loan taken through crossed cheque then no problem if case then sec 269T apply
29 March 2010
yes.... sorry i forgot to mention "In Cash or uncrossed cheque/DD".
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