Hi Friends,
If an individual gives a loan to another individual or HUF of rs 100000 in cash if it will be taxable.
if it is taxable is there any act to be penalty on such loan.
& what about the receiptent.
CA Vijay Jain (Chartered Accountant) (176 Points)
22 July 2010Hi Friends,
If an individual gives a loan to another individual or HUF of rs 100000 in cash if it will be taxable.
if it is taxable is there any act to be penalty on such loan.
& what about the receiptent.
Harpreet
(* * * * * *)
(1670 Points)
Replied 22 July 2010
If ITO aware of this thing then ITO will catch/enquire both the parties about this black money and if the both parties will unable to justify themselve then ITO will charge whatever he wants as per law in whatever section which can apply.
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 22 July 2010
dear vijay
it is taxable in the hands of recepient if given in cash according to section 269SS.
REGARDS
tarun rustagi
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
