what if a person has taken Rs. 1lac from his relative in *cash* as loan to repay his housing loan, unknowingly the provision of act???
no interest shall be payable on this loan.
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unsecured loan
Replies (3)
As per my view.,
No more tax provision if it's refundable. He can refund the loan (10k /day * 10)
No more tax provision if it's refundable. He can refund the loan (10k /day * 10)
The transaction will be hit by section 269SS. It may be shown as gift from an eligible relative.
the said loan shall be disallowed and add back in the income of assessee. one can not take loan in cash upto 10000/-.
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