Cash borrowings from family & friends
This query is : Resolved
Aishwary Bang
(Querist)
08 April 2012
Is cash borrowings from family members and friends allowed under income tax act. Upto what extent???
CA Prashant Gupta
(Expert)
08 April 2012
You cannot take unsecured loan other than account payee cheque or bank draft U/s 269SS
Aishwary Bang
(Querist)
08 April 2012
prashant sir, upto what extent can the borrowings be taken.
CA Prashant Gupta
(Expert)
08 April 2012
You cannot take unsecured loan in cash.
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