How much unsecured loan can be takec

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2012 Dear Sir/Madam,
How much unsecured loan can be taken from any relative or friend in case of taking money in cash & how much unsecured loan can be taken from any relative or friend in case of taking money via cheque or DD.

Will be waiting from the prompt response.
Thanks in Advance.

Thanks & Regards

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

26 October 2012 Go through the provisions of Section 269 SS and 269T of the Income Tax Act, 1961. If you taken cash loan above 19,999/- in cash then you are liable for penalty but if you take cheque no limit is there.

To avoid any problem in future you should collect the following document of the lander be on safe side otherwise the ITO will make the addition u/s 68
1) Copy of the Bank Statement
2) Copy of confirmation with PAN No.
3) Copy of PAN Card.
4) Copy of Income Tax Return
5) Copy of Balance Sheet

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2012 Thanks Sir

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2012 Is Interest Free Unsecured loan of 13 Lac can be taken & relevant document for safe side.