Cash receipt
This query is : Open
21 August 2016
Dear Experts,
I have a query
can I receive cash exceeding rs 20000 from my parents for my business as loan and please also suggest income tax issue.
I have a query
can I receive cash exceeding rs 20000 from my parents for my business as loan and please also suggest income tax issue.
21 August 2016
Dear Yogesh,
Acceptance of loans above Rs 20000/- is not allowed as per Section 269SS and repayment thereof in cash above Rs.20000 per party per year under section 269T.
Consequences include penalty equal to amount of loan taken.
So I'd suggest you to not do the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Darpan registration
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
