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Unsecured loan for business

sajeer k (accounts officer) (177 Points)

28 October 2019

Can I borrow my proprietorship business from someone else for a business purpose of Rs.1000,000?

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4 Replies

VINOD KUMAR GUPTA (4 Points)
Replied 28 October 2019

No problem subject to bank mode & proven source

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Rijo John (audit manager) (447 Points)
Replied 28 October 2019

Loan accept only through bank. ie other than by cash

RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 28 October 2019

@ Mr Sajeer K.,

Yes.. You can receive loan from someone as per above said way by our CCI experts.

Kapadia Pravin (17259 Points)
Replied 29 October 2019

Loans are mandatorily to be taken in otherwise than in cash ( that is by banking channels.)

Loan upto 20000/- in cash is possible per lender but not beyond that.

You can borrow for your business purpose of Rs 10 lakhs as desired by you.

You please obtain PAN card copy of the lender and keep on record.

If you are under Tax Audit then provisions of TDS on interest payments are also applicable.