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