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Last Updated On 21-Apr-2020
Tax

Is there any penalty for someone who gives loan to others in cash ?

I know that there is 100% penalty for someone who receives loan of 2 lakhs in cash because it is illegal to receive loan of amount more than 20000 rupees in cash . But i want to ask you, is there any penalty on someone who gives loan of 2 lakhs to other in cash ? I mean , what the penalty on someone who gives loan of 2 lakhs in cash ?

( Ambala, Haryana )

19-Apr-2020

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A.
Hi,

Every case and fact is different, we need to understand more before we place our opinion, however the law speaks as below:-

With effective from 1st April, 2017, no person shall receive an amount of Rs 2 Lakh or more;

(A) in aggregate from a person in a day (or)

(B) in respect of a single transaction (or)

(C) in respect of transactions relating to one event or occasion from a person.

Penalty- Kindly note that Penalty u/s 271DA will be imposed on a person who receives a sum of Rs 2 Lakh and above in cash. The extent of penalty will be a sum equal to the amount of such receipt.
Posted On 21-Apr-2020
Vidhikarya
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Dear Sir,
Same principle applies. But you must establish the same and it should not be a an isolated transaction and he must be doing money lending business continuously. You can lodge complaint with concerned department and also with Collector of the District and even with police and RBI etc.
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Posted On 20-Apr-2020
Kishan Dutt Kalaskar
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