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269ss

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student

WORKING

757 Points Posted on 29 July 2010

faced a problen in one of the case;
suppose if plot of value 2 lac for which advance was given by me & my spouse jointly (30:70) but after when i applied fr registry society said that such property can be registered only in one person's name now how i transfer that 30% in my spouse a/c's. both of us b/s in 07-08 shows such proportion & now in 09-10 registry only in my spouse name now whether spouse can pay me those 30% in cash /bank or if paid in cash 269ss or 269t attracted on such loans or not b/c it is for plot

my spouse had also given me a loan in 1999 (cheque) bal o/s =2.5 lac whether i can set off loan pymt with this 30%

by passing JE LOan dr advance against propert Cr

pls reply its v urgent thanks in advance

Replies (1)

vishnupriya

CA Final

1418 Points Posted on 30 July 2010

Sir,

It is clear that no person can accept any loan or deposit of Rs 20000 or more otherwise than by way of an account payee cheque or an account payee draft. The limit of Rs 20000 will also apply to a case even if on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from such depositor is remaining unpaid and such unpaid amount along with the loan or deposit to be accepted, exceeds the aforesaid limit.

This can be explained with an example: If Mr X has a credit balance of a loan of Rs 19000 from Mr Y. Now in this case Mr X cannot take loan in excess of Rs 999 more from Mr Y except with an account payee cheque or account payee bank Draft.

Please go through this link:

https://www.taxguru.in/income-tax/provisions-of-section-269ss-and-269t-under-income-tax-act.html