Unsecured loans 40000

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Assistant
20 Points Posted on 09 May 2021
Dear Sir

can we received 40000/- unsecured loan in cash from 2 person twenty thousand per person in sepreate date.its allowable to us
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On 09 May 2021 at 19:05 Report
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Quick Summary
This discussion addresses whether it's permissible to receive a £40,000 unsecured loan in cash, split into two £20,000 payments from different individuals. The Income Tax Act states that cash loans exceeding £20,000 are not allowed and can incur a penalty equal to the loan amount. Therefore, receiving such a sum in cash is not permissible under current regulations.

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20 Points Posted on 09 May 2021
Yes. Allowed
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On 09 May 2021 at 19:17
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Master in Accounts & high court Advocate
20 Points Posted on 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.

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On 09 May 2021 at 20:23
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Chartered Accountant
20 Points Posted on 09 May 2021
Yes you can receive it is allowed
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On 09 May 2021 at 21:08
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CMA
20 Points Posted on 09 May 2021
You can only receive up to Rs.19,999 (i.e. <20,000) in order to avoid violation of section 269SS
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On 09 May 2021 at 21:23
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Assistant
20 Points Posted on 09 May 2021
Thank you Poornima Madhava mam
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On 09 May 2021 at 21:51

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