Cash loan payment cash mode repayment cash loan bank mode penality provision applicable

This query is : Resolved

Kollipara Sundaraiah (Querist)
Follow

05 January 2025 sir,
It person cash loan to relatives amount rs:10 lacs through on cash mode after another date cash loan amount rs:10 lacs received from relatives through on bank mode.
Question:
Above transactions penality provision applicable in it act.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

05 January 2025 Yes, as per sec. 269ST no person can accept Rs. 2 lakhs or more on any occasion/event/day.
The receiver of the cash payment exceeding Rs. 2 lakhs or more, liable to pay a penalty equal to the amount received.

Message likes : 1 times