loan transaction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 June 2011
IS THERE ANY LIMIT ON LOAN TAKEN IN CASH BY ONE INDIVIDUAL FROM ANOTHER DURING THE YEAR?
FOR EG :A TAKES LOAN OF 18000/- IN JAN THEN RS.19000/- IN MARCH FROM MR.B,WHETHWER THIS TRANSACTION IS TAXABLE?
FOR EG :A TAKES LOAN OF 18000/- IN JAN THEN RS.19000/- IN MARCH FROM MR.B,WHETHWER THIS TRANSACTION IS TAXABLE?
08 June 2011
Cash Loan can not exceed Rs. 19,999/- at any point of time till the loan is continuing. No matter first loan was taken may be couple of years back, if the said loan continues, fresh loan cannot be taken in cash if the first loan was upto Rs.19,999/-. Even in case, where part payment of first loan has been made and the remaining loan alongwith new loan is less than Rs. 20,000/-, cash loan cannot be taken as the new loan alongwith old loan taken would exceed the limit of Rs. 19,999/-.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- TDS AND ITR ISSUE
- LIC maturity claim whether taxable
- Same demand raised for original as well as rectification request return
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
