Cash loan Limit

This query is : Resolved

survesh (Querist)
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16 December 2010 Respected Sir,

Please say how much cash loan can a proprietor borrow from Friend,relatives for his Business.is this loan ussecured.The Proprietor has not given any security.

Please Reply.

Thanks & regards

Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 December 2010 upto Rs. 20,000 per person.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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16 December 2010 Yes He Can Borrow Upto 20000 Rs Per Person.
Otherwise Penalty Charge as Per Section 269SS of Income Tax Act.

survesh

survesh (Querist)
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16 December 2010 Group for Cash Loan (to be shown as Advance under Current Liab OR Unsecured Loan)

Please Reply.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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16 December 2010 There is No Such Rulling to Show Under Which Head

But Better to Show Under Current Liabilities as a Advance

Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 December 2010 Lona should be shown under unsecured loans only.

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