cash received unsecured loan
Rajat Sharma (Accountant ) (564 Points)
20 November 2018
How many amount may be taken as a unsecured loan from one person as cash
3 Replies
Nivedita
(SME - Finance)
(758 Points)
Replied 20 November 2018
As per 269SS - the limit is Rs 20000
Exception- The one accepting or lending has-
1. Agricultural income
2. Total Income < Income not chargeable to tax
rama krishnan
(12244 Points)
Replied 20 November 2018
loans received in excess of 20000 as cash will attract 271D penalty
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 21 November 2018
Max upto 20,000/- in cash allowed. Above that penalty upto 100% of loan amount is there u/s 271D.
@ Nivedita a bit modification is there :
If Lender AND Borrower both has only Agriculture income and None of them incomes' are Chargable to tax then 269SS not apply.
@ Nivedita a bit modification is there :
If Lender AND Borrower both has only Agriculture income and None of them incomes' are Chargable to tax then 269SS not apply.
Recent Topics
- Claim of ITC more than 2B
- How to go Old regime to new regime
- "How should I begin preparing for CA foundati
- SBI or State Bank of India Passbook printing forma
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Requirement to prepare Consolidated financial stat
- Government grant not repayable
- Late fess for challan PMT 06 under self assessment
- Sustainable Luxury with Timeless Beauty – Ex
- Rebate u/s 87A on short term capital gains
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
