Cash Loan

Rajat Sharma (Accountant ) (564 Points)

08 March 2019

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.

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7 Replies

SHIVANI KUDTARKAR (512 Points)
Replied 08 March 2019

penalty u/s 271E for contravention of provisions of section 269ST equal to amount of loan given

Rahul Singh (17 Points)
Replied 08 March 2019

No this provision on receiver.

SHIVANI KUDTARKAR (512 Points)
Replied 08 March 2019

For accepter 271D for contravention of 269SS

PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 08 March 2019

you will be liable u/s 271D @ 100%..for accepting loan which exceeds the limit as given in section 269DS

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RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 08 March 2019

no action will be against you. penalty under 271D in the hands of receiver

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Kishankant Jha (other) (301 Points)
Replied 08 March 2019

The capacity to handle such a huge amount of cash at hand can be queried by department.

PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 09 March 2019

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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