Can a person take loan from different persons in cash exceed
This query is : Resolved
CA Devesh Bisht
(Querist)
12 January 2016
Hello
We know that a person can not take loan in cash exceeding 20,000 from a person . But is it possible to take loan, say Rs. 19000 from 5 individuals. Will it violate section provisions of IT Act
Thanks
We know that a person can not take loan in cash exceeding 20,000 from a person . But is it possible to take loan, say Rs. 19000 from 5 individuals. Will it violate section provisions of IT Act
Thanks
CA Shyam Agarwal
(Expert)
12 January 2016
You can accept less then 20000/- from different person without violation of Sec 269
Message likes :
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SANYAM ARORA
(Expert)
13 January 2016
No violation go ahead
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1 times
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