Namaskar everyone, what is the consequences under income tax act if a father gives cash of Rs. 2 lacs to his major son as gift or as unsecured loan?
(For Business purposes)
2 Replies
SONU JAIN
(11 Points)
Replied 26 April 2020
If father given as gift is tax free. but he should have cash balance in his books of accounts ..
Abhishek Kumar Gupta
(Article)
(148 Points)
Replied 27 April 2020
100% penalty on cash received as loan in excess of 20,000. refer section 269ss, 269st and 269t.
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