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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Unsecured loans 40000
Replies (5)
Quick Summary
Yes. Allowed
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.
Yes you can receive it is allowed
You can only receive up to Rs.19,999 (i.e. <20,000) in order to avoid violation of section 269SS
Thank you Poornima Madhava mam
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