Rama chary Rachakonda (Master in Accounts & Lawyer email ID:firstname.lastname@example.org 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.
CMA Poornima Madhava (CMA) 09 May 2021