Can an individual give loan or advance in cash to his relative in a
single FY of 50000
4 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 05 August 2018
Better to give Banking Mode....
Akash Jain
(Student )
(73 Points)
Replied 05 August 2018
if suppoae i give in cash then whether there is any penalty
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 05 August 2018
Yes... As per sec 269st You can't pay to anyone as loan, Deposit or Advance in cash for amount exceeding Rs 20k. If You are paid then Penalty will be equal to amount of Loan or Advance...
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