Dear Sir
can we received 40000/- unsecured loan in cash from 2 person twenty thousand per person in sepreate date.its allowable to us
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3303 Points)
Replied 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.
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 09 May 2021
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 09 May 2021
CAclubindia
