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unsecured loan

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(Querist)
19 September 2009 I have taken 5600 unsecured loan from my bhabhi it is allowable or not?

In another case I have opening balance of my wife Rs. 50000 and taken 6500 rupees in cash during the year.

Pls provide me any case law if you have
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Ratan Sharma

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Ratan Sharma (Expert)
19 September 2009 You can accept the cash loan below Rs. 20,000/- . Once the outstanding limit reaches Rs 20,000 then you can not accept any loan in cash.
1. Rs. 5600 in cash loan acceptable.
2. Rs. 6500/- cash loan will be liable for penalty as the existing balance of lonee is Rs. 50,000/-
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CA Suresh Choudhary

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CA Suresh Choudhary (Expert)
20 September 2009 agree with expert
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Ankur Garg

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Ankur Garg (Expert)
21 September 2009 agree

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