unsecured loan

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Nitesh Sethiya (Querist)
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19 September 2009 I have taken 5600 unsecured loan from my bhabhi it is allowable or not?

In another case I have opening balance of my wife Rs. 50000 and taken 6500 rupees in cash during the year.

Pls provide me any case law if you have

Ratan Sharma

Ratan Sharma (Expert)
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19 September 2009 You can accept the cash loan below Rs. 20,000/- . Once the outstanding limit reaches Rs 20,000 then you can not accept any loan in cash.
1. Rs. 5600 in cash loan acceptable.
2. Rs. 6500/- cash loan will be liable for penalty as the existing balance of lonee is Rs. 50,000/-

CA Suresh Choudhary

CA Suresh Choudhary (Expert)
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20 September 2009 agree with expert

Ankur Garg

Ankur Garg (Expert)
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21 September 2009 agree

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