Can I take loan from my relative?

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BALAI THAKURA (Querist)
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21 November 2019 I am a partner of a partnership firm. Can I take loan from my relative (other than father, mother, brother, sister & wife)?, then I invest in my partnership firm as a capital is it possible??? please advice me??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 November 2019 Yes from relatives defined under income tax.

BALAI THAKURA

BALAI THAKURA (Querist)
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24 November 2019 Thank you sir. I want to know, as per income Tax rule "son of father's sister" is relative ??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 November 2019 Not a relative........

BALAI THAKURA

BALAI THAKURA (Querist)
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24 November 2019 Thank you , But I have already received some amount from him(more than 2 lakhs) this year, now further I want to receive more amount for my partnership business through my account. Then any problem (in point of IT act.)??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 November 2019 Take the amount through father's sister.