How to transfer the Money to Account

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calokeshsuresh (Querist)
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28 October 2017 Hi, Actually my friend planning to construct the house, But he could not get the loan from Bank. So, he decided to take the loan from his uncle and can pay EMI to him on behalf of his uncle, as his uncle has taken personal loan for him. So, now the real game starts, how his uncle can transfer the money to him. By withdrawal daily or any other mode? Because of GST the daily limit.Please suggest is there any other easy way.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 October 2017 No daily limit of account transfer in case of loan.

calokeshsuresh

calokeshsuresh (Querist)
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29 October 2017 Thank you so much sir.. So he can take Loan from his uncle, the one has applied in the name of his uncle

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calokeshsuresh

calokeshsuresh (Querist)
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29 October 2017 But as per new rule by IT act under 269ST new restrictions on cash receipts of ₹2lakh..may impose a penalty of 100% incase of violation

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 October 2017 Yes he can take loan from uncle.

calokeshsuresh

calokeshsuresh (Querist)
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29 October 2017 Once again Thank you sir..Is there will be any impact on his Uncle under section 269SS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 October 2017 No impact if payment through bank.

calokeshsuresh

calokeshsuresh (Querist)
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29 October 2017 Thanks a lot sir..