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cash received unsecured loan

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Accountant
647 Points Posted on 20 November 2018
How many amount may be taken as a unsecured loan from one person as cash
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On 20 November 2018 at 13:38 Report
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SME - Finance
758 Points Posted on 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

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On 20 November 2018 at 14:17
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12244 Points Posted on 20 November 2018
loans received in excess of 20000 as cash will attract 271D penalty
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On 20 November 2018 at 21:20
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Student CA Final
12692 Points Posted on 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.
1 Reply
On 21 November 2018 at 00:43


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