Section 269ss and section 269t

Page no : 2

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177290 Points)
Replied 08 September 2017

Finance-Section 269TActs

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177290 Points)
Replied 08 September 2017

anti-black-money-step-by-government-section-269ss-269t

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177290 Points)
Replied 08 September 2017

Originally posted by : B
	The above link shows that 269 SS applies to Mode of taking or accepting certain loans, deposits and specified sum. In that case a cash of high value whether as gift or for any other purpose other than loan/deposit if given to a relative will be trated as specified sum and will be under 269 SS. Will not it be?

Other than loan acceptance or repayment this section not applicable but section 269ST will be applied:

Refer: section-269st-income-tax-act-1961

B (Engin) (205 Points)
Replied 08 September 2017

Thank you for the links. Can you please answer the below query?

The above link incometaxindia.gov.in/Acts/Finance shows that 269 SS applies to Mode of taking or accepting certain loans, deposits and specified sum. In that case a cash of high value whether as gift or for any other purpose other than loan/deposit if given to a relative will be trated as specified sum and will be under 269 SS. Will not it be?

Read more at: /forum/details.asp?mod_id=375384&offset=2

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177290 Points)
Replied 08 September 2017

Only if by cash mode.....

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B (Engin) (205 Points)
Replied 08 September 2017

So is it that even a gift cannot be given to a relative of amount more than 200000 as a lump sum in cash? In which month in 2017 this section 269ST started gy government or IT department?

saurabh kumar (Tax Consultant) (348 Points)
Replied 14 September 2017

w.e.f. 1April 2017 The sec 269 ST have been introduced by Finance Act 2017 to put a limit on cash Transaction.Yes it is applicable even in case of gifts from relatives.