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Cash Loan
Sir I have given a sum of rs 20 lac as unsecured loan to one person in cash, may I'm liable to penalties if yes in which section.
Replies (7)
penalty u/s 271E for contravention of provisions of section 269ST equal to amount of loan given
No this provision on receiver.
For accepter 271D for contravention of 269SS
you will be liable u/s 271D @ 100%..for accepting loan which exceeds the limit as given in section 269DS
no action will be against you. penalty under 271D in the hands of receiver
The capacity to handle such a huge amount of cash at hand can be queried by department.
sorry ..there is typing mistake...it's section 269SS and..but it is for accepting loan...therefore such provisions are not applicable to you...
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