12 September 2016
whether Cash loan in excess of 20,000/- limit u/s 269SS is for one time or during the year from a single person? suppose company/individual/ partnership firm/llp has taken a cash loan from Mr.X on 09.08.15 for Rs. 5000/- and on 12.09.15 for rs. 18,000/- whether it would be allowed or not.
13 September 2016
No Person shall, take or accept from any other person (herein after called “depositor)any loans or deposits otherwise than by an account payee cheque or account payee draft if:-
(a) The amount of such loan or the aggregate amount of such loan and deposit, is Rs.20,000/- or more, or
(b) On the date of taking or accepting such loan or deposit, any loan or deposit accepted earlier by such person from the depositor is remaining unpaid is Rs.20,000/- or more
(c) The aggregate of the amount of loan or deposit to be taken and the amount of loan or deposit taken earlier which is outstanding on the date on which loan or deposit is to be taken is Rs.20,000/- or more..
since law says the aggregate of loan at any time in a year cannot excess rs 20,000..thus in ur case since the aggregate is 23000 (5000 +18000) it will not be allowed..
CAclubindia
