TaxTMI 
TaxTMI 
TaxTMI 
Sec. 269 SS
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....ec. 269 SS<br> Query (Issue) Started By: - sathyanarayanan kasinathan Dated:- 22-7-2011 Last Reply Date:- 23-7-2011 Income Tax<br>Got 3 Replies<br>Income Tax<br>Whether payments by Husband to contract....
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....ors doing carpentry and other work in house built by wife attracts Section 269SS These are repaid by waife after a year. Both husband and wife are assessees. Sathya Reply By GOPALJI AGRAWAL: The R....
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....eply: The transaction would of course fall within the provisions of section 269SS unless accounted for as drawings. Reply By sathyanarayanan kasinathan: The Reply: Yes it is accounted for as drawin....
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....gs in husbands books. Reply By MOHAN S: The Reply: The reply depends on how the transaction is accounted by the wife in her books. If the wife decide treats this as a "Loan from her husnand" then th....
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....e posiibility of the Assessing Oficer invoking Section 269 SS of I.T Act is there. However, if the payments are made by the husband directly to the contractor then one can certainly argue that there i....
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....s no acceptance of "deposit" or "loan" by the assessee in cash (which is the primary criterian for invoking Sec269SS).<br> Discussion Forum - Knowledge Sharing ....