Hello friends...
I need some advice regarding sec 269SS and sec 269T of income tax act. As per plain reading of Both sections, in my opinion the section restricts only accepting and taking of loans; or repayment of loans taken, in cash above 20000.. And hence the penalty is not levied on the person who is lending in cash but the person who is accepting in cash.... Wether my opinion is correct?...if yes, are there any other tax implications on the person who is lending money in cash above 20000.
The amount is accounted money and cash has been withdrawn from CC a/c; but the only thing is the client has lend the money in cash which is above 20000. The borrower has agreed to repay loan through cheque and hence I'm not bothered about the person who has accepted loan in cash ; just concerned about whether there are any other tax implications for the lender. I don't think there will be any problem in proving the source since it is withdrawn money....
Anyways thanks for the reply!
Ohk... Thank you for the reply!
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