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Share Application money in cash

LAXMIKANT ARORA

CAN A SHARE APPLICATION MONEY RECEIVED IN CASH MORE THAN RS.20000/-

Share application money in cash is not treated as a loan or deposit, so cash-loan/deposit restrictions do not apply. Share application money cannot be treated as a loan or a deposit for the purposes of cash-acceptance provisions, and therefore the prohibitions and constraints applicable to cash loans or deposits do not apply to share application money received in cash. (AI Summary)
Income Tax
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Mukesh Kumar on Jun 28, 2009

If u r talking about the applicability of Section 269SS or 269T of the Income Tax Act, 1961 - share application money can not be held as loan or deposit of money.

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