loan transaction
This query is : Resolved
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 19000/- IN MARCH FROM MR.B,WHETHWER THIS TRANSACTION IS TAXABLE?
FOR EG :A TAKES LOAN OF 18000/- IN JAN THEN 19000/- IN MARCH FROM MR.B,WHETHWER THIS TRANSACTION IS TAXABLE?
Rakesh Jain
(Expert)
08 June 2011
Dear Darshita,
In your Example, given transactions are taxable by scope of Sec. 269ss.
Sec 269ss speaks about the aggregate amount and not about a single transaction.
Hope this Information is helpful to you.
With Regards,
In your Example, given transactions are taxable by scope of Sec. 269ss.
Sec 269ss speaks about the aggregate amount and not about a single transaction.
Hope this Information is helpful to you.
With Regards,
08 June 2011
sir,
bt whether this 269ss is also applicable to the person not covered by 44AB?
bt whether this 269ss is also applicable to the person not covered by 44AB?
Rakesh Jain
(Expert)
08 June 2011
Dear Darshita,
yes. Sec. 269SS shall apply to a person also who is not covered by sec. 44AB.
With Regards,
yes. Sec. 269SS shall apply to a person also who is not covered by sec. 44AB.
With Regards,
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