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?
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
(Expert)
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.
.
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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