30 March 2015
I need a sum of Rs 6,00,000/- in cash in the month f April 2015. Can I take a loan of Rs 6,00,000/- in cash from my wife if she files her two returns for the Ay 2014-15 and Ay 2015-16 and declares her total capital of Rs 6,00,000/- Please guide me.
01 April 2015
No. You can't take 6 lacs loan by showing, your wife total capital account of Rs. 6lacs. She should shown in her cash/bank balance of 6 lacs, then only you can take loan from her.
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