Cash balance negative rectify options for i.t.
Querist :
Anonymous
(Querist) 23 February 2020
This query is : Resolved
Sir,
One I.t. individual person purchases of site ( assest) value.Rs10,00,000/-.if a person cash on hand balance as per books Rs.6, 00,000/- avalibale.
My question:
A person Remaining cash balance received below mentioned options is correct method.
1. Cash loan received from huf status
2. Cash loan received from different persons.
3. Cash gift received from family members.
Raj Kumar Makkad
(Expert) 23 February 2020
There are no legal restrictions to make arrangement for the purchase of a property from either of the three options you mentioned in the query. All three are legal.
Dr J C Vashista
(Expert) 25 February 2020
Mr./Ms Anonymous,
Vague facts have been posted by you, which can not lead to form proper opinion and oblige.
Raj Kumar Makkad
(Expert) 25 February 2020
You have not mentioned your locus-standi with the facts of the query.
Rajendra K Goyal
(Expert) 19 March 2020
A person can arrange cash by taking loan from friends and relatives, HUF. He can get gift from relatives. Gift from specified relative is exempt from tax as per Section 56(2) of the Income Tax Act.
Relative – spouse, brother and sister of self and spouse, brother or sister of parents or parents in law, any lineal ascendant or descendant of self or spouse, spouse of any of the relatives mentioned here.
Raj Kumar Makkad
(Expert) 19 March 2020
The author is still silent despite of having a question raised for his response.
Rajendra K Goyal
(Expert) 23 April 2020
It seems you want to take loan / gift in cash, in this respect please refer to provisions of IT Act.
CBDT cuts per day cash limit for payments
By: Sunil Dhawan | Updated: February 3, 2020
Cash limit per day as per income tax rules has been reduced as CBDT sets new limit for payments other than digital modes.
cash limit per day as per income tax, cash payment limit per day as per income tax, Cash limit per day, income tax rule 6DD, cheque, debit, credit card, upi
The rule 6ABBA is deemed to have been inserted from the 1st day of September 2019, which mentions all digital or electronic mode of payments.
The Central Board of Direct Taxes (CBDT) has amended the Income-tax Rules, 1962, to reduce the cash payment limit for payments made to a person in a day. The income tax rule 6DD which deals with cases and circumstances in which a payment or aggregate of payments exceeding Rs 20,000 may be made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, has been amended. The maximum amount for such cases under income tax rule 6DD stands at Rs 10,000 now
Raj Kumar Makkad
(Expert) 23 April 2020
Reply based upon assumptions and resumptions never pay rich dividents except increase in the score/ 3 marks as an expert as it just increases the number of the post attended but never increases likes.
