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Querist : Anonymous

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Querist : Anonymous (Querist)
27 March 2010 if a person had taken a loan from his relative for five time but none of them is being exceeded Rs. 20000/- then is there any violation of LAw
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Zeeshan

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Zeeshan (Expert)
27 March 2010 yes it is a violation of Section 269 T of the IT act. 20000/- is aggregate limit.

consequence: the whole loan amount will be treated as income of the recipient.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
27 March 2010 i thing if loan taken through crossed cheque then no problem if case then sec 269T apply
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Zeeshan

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Zeeshan (Expert)
29 March 2010 yes.... sorry i forgot to mention "In Cash or uncrossed cheque/DD".

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