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cash received unsecured loan
How many amount may be taken as a unsecured loan from one person as cash
Replies (3)
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
loans received in excess of 20000 as cash will attract 271D penalty
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.
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