Hi Friends,
If an individual gives a loan to another individual or HUF of rs 100000 in cash if it will be taxable.
if it is taxable is there any act to be penalty on such loan.
& what about the receiptent.
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loan without a/c payee cheque
Replies (2)
If ITO aware of this thing then ITO will catch/enquire both the parties about this black money and if the both parties will unable to justify themselve then ITO will charge whatever he wants as per law in whatever section which can apply.
dear vijay
it is taxable in the hands of recepient if given in cash according to section 269SS.
REGARDS
tarun rustagi
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