Can a person take loan from different persons in cash exceeding 20,000??

CA Devesh Bisht (Chartered Accountant) (258 Points)

12 January 2016  

Hello

We know that a person can not take loan in cash exceeding 20,000 from a person . But is it possible to take loan, say Rs. 19000 from 5 individuals. Will it violate provisions of IT Act?

Thanks