Under the Banning of Unregulated Deposit Schemes Act, 2019, loan received by an individual from his…
Section 2(4)(f) excludes "amounts received by an individual by way of loan from his relatives", and loans to a firm from its partners' relatives. The exclusion carries no…
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Under the Banning of Unregulated Deposit Schemes Act, 2019, loan received by an individual from his relatives is:
Answer and explanation
Correct answer B
Section 2(4)(f) excludes "amounts received by an individual by way of loan from his relatives", and loans to a firm from its partners' relatives. The exclusion carries no monetary limit and does not depend on the loan being interest-free or written.