269 SS of Inxcome Tax act.

[sanjay soman]

Can a Money lender give loan in cash more than ₹ 20000/- or accept repayment repayment of loans more than ₹ 20000/-.If not can NBFC give loan more than ₹ 20000/- in cash.It is learnt that some reknowned finance companies are giving loans against gold more than ₹ 20000/- in cash.They are paying up to ₹ 99999/- in cash.Pl Guide.

AI Summary

Discussion on Legality of Cash Transactions Over 20,000 by Money Lenders and NBFCs Under Income Tax Act A participant in a discussion forum inquired about the legality under the Income Tax Act of a money lender providing or accepting loan repayments in cash exceeding 20,000. The query also questioned whether Non-Banking Financial Companies (NBFCs) can issue loans over 20,000 in cash. It was mentioned that some well-known finance companies are reportedly issuing loans against gold and making cash payments up to 99,999. The participant sought guidance on this matter.