CASH PAID ABOVE RS.50000/- AS LOAN TO ANOTHER INDIVIDUAL

This query is : Resolved

Guest

Guest (Querist)

09 June 2009 Please confirm the non-compliance and if so, I need some sort of evidence like related circular or notification indicating the non-compliance for such transaction. Once again, Thanks for your response.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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09 June 2009 As per section 296SS and 269T of income tax, no assessee should receive or pay loan in cash more than Rs.20000/-. If received or paid the assessee will be violating the section 269SS and 269T and will have to pay the penalties accordingly.