loan transaction

This query is : Resolved

darshita (Querist)
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08 June 2011 IS THERE ANY LIMIT ON LOAN TAKEN IN CASH BY ONE INDIVIDUAL FROM ANOTHER DURING THE YEAR?
FOR EG :A TAKES LOAN OF 18000/- IN JAN THEN 19000/- IN MARCH FROM MR.B,WHETHWER THIS TRANSACTION IS TAXABLE?

Rakesh Jain

Rakesh Jain (Expert)
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08 June 2011 Dear Darshita,

In your Example, given transactions are taxable by scope of Sec. 269ss.

Sec 269ss speaks about the aggregate amount and not about a single transaction.

Hope this Information is helpful to you.

With Regards,

darshita

darshita (Querist)
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08 June 2011 sir,

bt whether this 269ss is also applicable to the person not covered by 44AB?

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Rakesh Jain

Rakesh Jain (Expert)
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08 June 2011 Dear Darshita,

yes. Sec. 269SS shall apply to a person also who is not covered by sec. 44AB.

With Regards,