Loan confusion

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self
289 Points Posted on 26 November 2020
sir/mam, should u can receive a loan of more than 20000 in cash.
on a different dates from a single person.
ex i received a loan of 200000 from a person on a different dates which amt is less than 20000k .
is there any issue of taking the loan amt of 200000.
pls clear my doubts
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On 26 November 2020 at 21:36 Report
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Quick Summary
This discussion clarifies the rules around receiving cash loans in the UK. It explains that an individual cannot receive cash payments exceeding £20,000 from a single person in a year. Such transactions must be conducted via account payee cheque, draft, or electronic clearing system to comply with regulations like Section 269SS, which applies to all taxpayers, not just those whose books are audited.

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Accountant
3662 Points Posted on 26 November 2020
You can not receive loan in cash above Rs. 20000 per person per year
1 Reply
On 26 November 2020 at 22:24
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209 Points Posted on 27 November 2020
As per 269 SS any person shall not receive any amount exceeding the limit (20000) otherwise than by account payee check , draft or ECS
1 Reply
On 27 November 2020 at 08:36
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self
289 Points Posted on 27 November 2020
Sir is this limit for those taxpayers whose books are being audited.
or for every individual
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On 27 November 2020 at 10:06
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Accountant
3662 Points Posted on 27 November 2020
For every taxpayers....
1 Reply
On 27 November 2020 at 20:17
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209 Points Posted on 28 November 2020
Sec 269 SS starts with - " A person " it includes everyone
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On 28 November 2020 at 09:34
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self
289 Points Posted on 28 November 2020
Thanks sir for your kind reply
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On 28 November 2020 at 11:16
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Accountant
3662 Points Posted on 28 November 2020
Welcome Veera
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On 28 November 2020 at 23:42

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