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Cash loans taken from friends

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Querist : Anonymous (Querist)
14 January 2010 can loan taken from friends beyond limit of Rs. 20000 is acceptable under income tax act?
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Rakesh Jain

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Rakesh Jain (Expert)
14 January 2010 cash loan beyond 20000/- is not accetable under IT Act, either it has been taken from frns or any other person.

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