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Scope of section 269ss

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 August 2014 i am planning to start a business. i want to take unsecured loan from my relatives. can i take loan in cash exceeding 20000 Rs. at initial stage.
if not what will be impact of that.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
21 August 2014 section 269SS will straight away apply and the penalty under 271D can be levied for amount equivalent to the loan amount
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CA P K AGRAWAL

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CA P K AGRAWAL (Expert)
22 August 2014 you should get it from a/c payee cheque
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Rupesh Jain

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Rupesh Jain (Expert)
22 August 2014 no, you dont take any loan in cash. it is safe for you for future.
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