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Interest free unsecured loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 May 2012 can i received interest free unsecured loan from any individual and private limited companies in a proprietorship concern that's turnover under 44Ab from last two years from.

Please overcome this problem.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
17 May 2012 Yes you can borrow the amount as unsecured loan. however, it should be ensured that the loan is NOT received in cash or repaid in cash if the amount exceeds Rs. 20,000/-.
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