Loan given morethan rs.20000

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2013 Dear Sir/Madam,

I Given (Not Taken)Lona In Cash With Rs.20000 To Other Person.
This Transaction Is Valid As Per Sec.269s Or Any Other Liablity Arise?

In Other case I Given Loan TO My Employee In Cash. Than What Sec. Apply?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 July 2013 If you give loan in cash - the borrower is troubled by Section 269SS. The borrower may or may not return your money -then you will be in trouble. So it affects both the parties.
.
You can not give loan in cash exceeding Rs 20000 even to your employee. Reason- the same as mentioned here in above.

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