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Taxation of family transactions

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(Querist)
14 October 2016 If a person is depositing cash or cheque from friend or family as a loan for 2-3 years, in his account. Will it be taxed or not? If yes how to plan the tax?
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Anand

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Anand (Expert)
14 October 2016 If you are in a business, accepting loan in cash above Rs. 20,000 can result in a penalty that equals the amount borrowed. So do not accept it in cash.
Secondly a cash loan may in the event of a scrutiny be subjected to questions regarding the genuineness of the source,and the creditworthiness of the lender.
Hence you should prefer accepting it by cheque or other banking channel like RTGS, NEFT etc
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