28 January 2016
dears, if assessee has accept cash loan from family members. family members income source agricultural income. Now assese voilate U/s 269 SS or it exempt from said section. please clarify.
28 January 2016
Is the assessee carrying business or profession? If so, the assessee has to comply with the provisions of section 269SS and 269T. As per recent amendment these provisions are made applicable to real estate transactions as well. Even non-assessees, or persons do not having business or profession also needs to comply provisions wrt real estate transactions.
28 January 2016
Section 269 SS not applicable if person who take loan and person who give loan both have agriculture income and none of them has any income chargeable to tax under the income tax act. In case the either lender or borrower have any income other than agriculture income i.e. if either lender or borrower have any income chargeable to tax than section 269 SS shall be applicable.
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