Dear Sir
can we received 40000/- unsecured loan in cash from 2 person twenty thousand per person in sepreate date.its allowable to us
5 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5265 Points)
Replied 09 May 2021
Yes. allowed. Under the Income Tax Act, loans of more than Rs 20,000, even from family members, cannot be taken in cash or bearer cheque. Breach of this provision (269SS) of the Act attracts a penalty that matches the loan amount under section 271D.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 09 May 2021
Yes you can receive it is allowed
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 09 May 2021
You can only receive up to Rs.19,999 (i.e. <20,000) in order to avoid violation of section 269SS
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