Cash payment of rs.500000/- as loan
Querist : Anonymous
please tell me when Assessee pay cash Rs.500000/- as loan to his friend but he refused to received the loan amount.
Q. What will happen with the Assessee as Income Tax Act.?
Q. Whether Assessee has to prove the loan payment because Section 269SS will bind the person who receive the loan amount but not bind on the Assessee who has paid loan of Rs.500000/- cash.
Please answer with penalty provision also.
thanks,
Jagat Tatia
Querist : Anonymous
My querry that whether any person who paid cash amounting to Rs.500000 to some one than whether there is penal provision against him or not.
Whether there is provision to restriction to pay cash.
As the restriction for accepting cash under provision Section 269SS, is there is any provision for the giver or not.
269SS is just for a small sections of people.
Over and above Income Tax Act, lending of money without having liscence is a crime. You can take the help of that if desired.
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