Loan fron parents
This query is : Resolved
21 November 2013
dear sir..
in a proprietary firm. we can take loan from parents and charge interest on that???
21 November 2013
Dear Anuj
You can take loan from any person for business in case of proprietory concern. However if such amount is not less than Rs.20,000/- then amount has to be accepted or paid by way of an account payee cheque only as per Section 269SS and 269T of Income Tax Act,1961
You can take loan from any person for business in case of proprietory concern. However if such amount is not less than Rs.20,000/- then amount has to be accepted or paid by way of an account payee cheque only as per Section 269SS and 269T of Income Tax Act,1961
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