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Cash borrowings from family & friends

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(Querist)
08 April 2012 Is cash borrowings from family members and friends allowed under income tax act. Upto what extent???
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
08 April 2012 You cannot take unsecured loan other than account payee cheque or bank draft U/s 269SS
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Aishwary Bang

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Aishwary Bang (Querist)
08 April 2012 prashant sir, upto what extent can the borrowings be taken.
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
08 April 2012 You cannot take unsecured loan in cash.
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