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penalty for cash loan
If a person gives a loan of Rs. 10 lakhs to another person in cash, then penalty u/s. 269SS should be levied in whose hands and penalty u/s. 269T in whose hands?
Replies (6)
in the hands of receiver of cash loan in excess of 20000 - 269ss
in the hands of payer (repayment of loan) in cash excess of 20000 - 269T
in the hands of payer (repayment of loan) in cash excess of 20000 - 269T
Agree with above.
In Hands Of the receiver only
there is other provision for penalising to lander for cash loan given
There's no such provisions in Income-tax act to penalise lender
good clarification
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