it assessess un secured loans from different persons total amount rs:25 lacs received. question: assessess un secured loans amount any limit provision in it act
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Quick Summary
This discussion clarifies the rules around unsecured loans received, totalling Rs. 25 lacs. While there's no explicit monetary limit, the IT Act has specific provisions. Loans must primarily be received via bank transfer, as cash transactions, even below Rs. 20,000, can attract suspicion. Crucially, lenders must declare these loans on their Income Tax Returns (ITR) to avoid potential trouble.
There is no limit but it has to be an Bank transfer any cash given even below 20000 will be looked with Suspicion the people who have given these loans need to show it on their ITR if not they will be in trouble