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Cash loans

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 October 2013 whether loans taken from farmers in cash more than 20,000 are allowable as per income tax act???
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
19 October 2013 where the depositor and the acceptor are both having agricultural income and neither of them have any taxable income.
Under such conditions cash loan more than 20000 will be allowed to farmer....

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