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Loan confusion

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veera (self) 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

JATINDER KUMAR (Accountant) 26 November 2020

You can not receive loan in cash above Rs. 20000 per person per year

1 Like

Aman Verma 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 Like

veera (self) 27 November 2020

Sir is this limit for those taxpayers whose books are being audited.
or for every individual

JATINDER KUMAR (Accountant) 27 November 2020

For every taxpayers....

1 Like

Aman Verma 28 November 2020

Sec 269 SS starts with - " A person " it includes everyone

1 Like

veera (self) 28 November 2020

Thanks sir for your kind reply

JATINDER KUMAR (Accountant) 28 November 2020

Welcome Veera

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