handloan

Querist : Anonymous (Querist) 30 July 2010 This query is : Resolved
can a person who had knowledge of income tax act who is doing a business can give a hand loan of about more than 1lakh without having income tax assessment or a pan card which is essential as per incometax amendment

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Daksh (Expert) 30 July 2010
Dear Anonymous,

Giving a loan of more than one lakh does not mean that this accumulation of an amount of more than a lakh rupees has accrued in a single financial year and the mandatorily pan card is requisite in my view the same could be long term accumulated deposit which does not fall preview of income tax amendment as such.

Best Regards

Daksh

Raj Kumar Makkad (Expert) 30 July 2010
It is difficult to be agree with Daksh. As the quariest has not given the fact that the loan was result of long term accumulated deposits so no presumption can be made. Question should always be taken positively.

Such income tax payee person cannot advnce a loan amount of Rupees. One Lac without any written document. It is an offence if he even do not mention this in his return.a

Daksh (Expert) 30 July 2010
Dear Anonymous,

Giving a loan of more than one lakh does not mean that this accumulation of an amount of more than a lakh rupees has accrued in a single financial year and the mandatorily pan card is requisite in my view the same could be long term accumulated deposits (kindly read savings) which does not fall preview of income tax amendment as such.

Best Regards

Daksh

Daksh (Expert) 30 July 2010
Raj,

Please do some brain storming and let's have some case law on this.

Daksh

DEFENSE ADVOCATE.-firmaction@g (Expert) 30 July 2010
Well it seems a student querry.

No problem for IT assessment or even PAN CARD, though necessary.

The more imp provision in IT act is 100% penaly if the loan is not given; taken by crossed cheque.

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