Information on hand loans
Sameer Apte
(Querist) 07 May 2012
This query is : Resolved
I have taken some amount as hand loan, how is it treated in the taxation part, is there any specific advise on that? how the repayement is done shown and what is the period for that
Suhail A.Siddiqui
(Expert) 07 May 2012
Loan is loan , we can not understand hand loan, if it is cash loan it is not permissible to get cash loan more then 20000.00
C. P. CHUGH
(Expert) 07 May 2012
Any amound found credited in the books of accounts of the assessee from a person not specified under section 40(A)(2) is liable to be treated as income of the assessee in whose accounts such amount is found to be credited, provided such amount is more than Rs. 50000.00.
Acceptance of Loan and repayment of Loan is governed by the provisions as set out in section 269 of the IT Act. Secction 269SS prohibits any person from accepting loan exceeding Rs. 20000.oo in cash, section 269TT prohibits its repayment in cash for loan of more than 20000.oo
Shonee Kapoor
(Expert) 08 May 2012
Nothing left to be added.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Sameer Apte
(Querist) 08 May 2012
more to add , the amount i have taken is around 6.5 lakhs for buying a home and is by cheque from my mother and another 8 lacs is expected from another source by cheque then what is the impact please let me know.
