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Unsecured loan

This query is : Resolved 
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(Querist)
02 May 2014 I just want to know that is there any penalty on taking a loan from relative in cash rupees 1 lack aur more than during the previous financial year?. plz let me about the consequences of such thing.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
03 May 2014 yes. please refer section 269SS and 271D
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