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Unsecured Loans in Proprietory Firm

This query is : Resolved 
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(Querist)
03 May 2011 one proprietor is taking by cash as hand loan from others for interest 2% P.Month
will it possible to allow the transaction in aspect of I.Tax point of View. what is the Limits in this Regarding.
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CA Navin Jain

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CA Navin Jain (Expert)
03 May 2011 loan can not be taken more than rs. 20000 in cash

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