Cash loan from friends

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2012 Hi,

What are the rules and regulations if i am taking cash loan of Rs.40000/- from a friend.

Also, if i make payment of Rs. 200000/-towards purchase of property in cash after withdrawing money from my account, what are the issues.

Kindly reply.

rgds,
Gagag

CA. Hari Kishan

CA. Hari Kishan (Expert)
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26 March 2012 as to accepting of loan in cash from a friend in excess of Rs.20000 shall be liable for action under section 269SS & 269T.

Same may apply to the purchase of property in cash.. however this is towards asset purchase and shall be allowed.

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