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Cash loan Limit

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(Querist)
16 December 2010 Respected Sir,

Please say how much cash loan can a proprietor borrow from Friend,relatives for his Business.is this loan ussecured.The Proprietor has not given any security.

Please Reply.

Thanks & regards
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
16 December 2010 upto Rs. 20,000 per person.
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CA AYUSH AGRAWAL

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CA AYUSH AGRAWAL (Expert)
16 December 2010 Yes He Can Borrow Upto 20000 Rs Per Person.
Otherwise Penalty Charge as Per Section 269SS of Income Tax Act.
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survesh

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survesh (Querist)
16 December 2010 Group for Cash Loan (to be shown as Advance under Current Liab OR Unsecured Loan)

Please Reply.
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CA AYUSH AGRAWAL

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CA AYUSH AGRAWAL (Expert)
16 December 2010 There is No Such Rulling to Show Under Which Head

But Better to Show Under Current Liabilities as a Advance
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
16 December 2010 Lona should be shown under unsecured loans only.

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