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Surinder (Assistant)     09 May 2021

Unsecured loans 40000

Dear Sir

can we received 40000/- unsecured loan in cash from 2 person twenty thousand per person in sepreate date.its allowable to us

 5 Replies

Ayush Chaudhary

Ayush Chaudhary   09 May 2021

Yes. Allowed
Rama chary Rachakonda

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)     09 May 2021

Yes. allowed. Under the Income Tax Act, loans of more than Rs 20,000, even from family members, cannot be taken in cash or bearer cheque. Breach of this provision (269SS) of the Act attracts a penalty that matches the loan amount under section 271D.


Sourav (Student)     09 May 2021

Yes you can receive it is allowed
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     09 May 2021

You can only receive up to Rs.19,999 (i.e. <20,000) in order to avoid violation of section 269SS

Surinder (Assistant)     09 May 2021

Thank you Poornima Madhava mam

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