If a person takes loan in cash from three another persons of Rs 19,000/- each, thus taking an aggegate loan of Rs 57,000/- , is there any prohibition regarding the above- as per Income Tax Act. If yes, then please advise me what is the consequense of taking such Cash Loan and what is the right procedure of repaying such cash loan so that he would not have to face any problem in future.
YOU TAKE LOAN UNDER 20000/- IN CASH
IF THE LOAN AMOUNT IS EXSITING OF RS. 20000/- THEN YOU HAVE TO RECEIVED THE LOAN IN ACCONT PAYEE CHECK
SANJAY
Sir, Does it imply that- The agreegate cash loan of Rs.57000/- is allowed !! , If the cash Loan taken during the year is as follows:
Loan from Mr A- Rs 19000/- in cash,
Loan from Mr B- Rs 19000/- in cash,
Loan from MrC- Rs 19000/- in cash
Please clarify the point.
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