wich section of income tax restrict for giving unsecured loan in cash.
and lander or receiver who is liable for penalty.
Section 269SS and Section 269T prohibits such transactions.
4 Replies
Zeal Bangdiwala
(Partner at N. Gamadia & Co.)
(363 Points)
Replied 29 April 2019
Yes its applicable to borrower and the penalty levied is 100% of the amount accepted/repaid as loan or deposit in cash. So it is better not to accept any loan in cash. Also, if at all loan has been accepted or repaid in cash, department may ask the source of the lender who extends the loan in cash. So thereby the lender may also be in a trouble if he has not declared such cash in his return of income.
Pramod Sen
(Advocate )
(156 Points)
Replied 29 April 2019
it mean lander is free not to comply these section
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