How Much Loan In Cash Allowed Under Income Tax?


Anonymous
watch_later 2 years, 7 months ago

How much money can give cash as a loan?

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1 Answer

Gagan Jain watch_later 2 years, 7 months ago
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Dear 

You cannot pay to anyone as loan, deposit or advance in cash for amount exceeding Rs. 20,000. Section 269T of income tax act prohibits paying more than
20,000 to any person as loan or deposit.
Penalty will be equal to amount of loan/deposit.

For details read the following  good article by Pulkit Sharma Sir-

Cash limits and penalties under Income Tax Act

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