Loan given in cash
This query is : Resolved
RITESH SHAH
(Querist)
21 July 2009
Whether Loans given in cash above Rs.20,000/- to farmers by money lender who is holding licence under money lending act can be allowed under Income Tax Act 1961.
CA.Varun Ranjan
(Expert)
21 July 2009
yes as per Rule 6DD , moreever its a capital nature as well
RITESH SHAH
(Querist)
22 July 2009
Thank you
Hey
please clerify whether Section 269SS/269T or any other section as per Income Tax Act, shall be applicable for such cash payment.
Hey
please clerify whether Section 269SS/269T or any other section as per Income Tax Act, shall be applicable for such cash payment.
Abhishek Mohta
(Expert)
22 July 2009
Section 269SS deals with the cases where the assessee has received loan in cash for more than Rs. 20,000/-.
269T deals with the cases where the loans taken by the assessee has been repaid by him in cash for more than Rs. 20,000/-.
Thus in this case neither of the section will be applicable.
269T deals with the cases where the loans taken by the assessee has been repaid by him in cash for more than Rs. 20,000/-.
Thus in this case neither of the section will be applicable.
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