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Borrowing money in liquid form directly from creditor
Can i borrow money in hand from a creditor around 10 Lakhs writing a promissory note. If any paticular rules that money has to take in banking mode only, after crossing certain limit of amount.
Replies (6)
Section 269ST of IT act, restricts cash transaction for Rs. 2 lakhs & more..........
While Sec. 269SS & 269ST of the act restrict loan receipt or repayment to Rs. 20.000/-
Tnku sir for fast response....
My Pleasure, Dear .....
no you can't receive loan in cash mode in excess of 20000 which will attract 271D penalty
If i received(lend) an amount of 10 lakhs in cash through promissory note what are the consequences on the side of giver. If the amount giver is liability to pay any penalty.
payer will not have any consequences but you need to pay 100% penalty
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