Please Help: Sec 269st applicable
Posted Date : 09-Jan-2020 , 05:43:35 pm | Posted By Kollipara sundaraiah
One I t.person cash gift received from another person(father)Rs.150000/-*3 times total Rs.450000/- received from one finicial year.my question sec 269st applicable please reply
Category : Income Tax | Answers : 0 | Comments : 1 | Hits : 375
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Yogesh Chokhra
13-Jan-2020 , 01:07:31 pmSection 269ST prohibits any person to receive an amount of Rs.2 lakh and above in cash: (i) In aggregate from a person in a day, or (ii) In a single transaction, or (iii) In respect of transactions relating to one event or occasion from a person . After introducing this section, various representations were sent by NBFCs and HFCs as to whether the limit of Rs.2 lakh shall apply to one instalment of loan repayment or for the whole amount of such repayment. In this context, the income tax department clarified that if you are repaying the loan to NBFCs or HFCs, the one instalment of loan repayment shall constitute a single transaction. And so if the single loan instalment amount is less than Rs.2 lakh, it can be paid in cash. All the instalments paid for a loan shall not be aggregated for the purposes of determining the applicability of Rs.2 lakh limit.