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loan transaction

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(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 19000/- IN MARCH FROM MR.B,WHETHWER THIS TRANSACTION IS TAXABLE?
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Rakesh Jain

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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,
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darshita

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darshita (Querist)
08 June 2011 sir,

bt whether this 269ss is also applicable to the person not covered by 44AB?
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Rakesh Jain

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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,
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