269 ss and st

This query is : Resolved

ashish roy (Querist)
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12 March 2015 My friend started a PVt. company and last year, he taken loan of 10 lack rs from his father for the company. in books it is showing as loan.

I request help to understand.
1. is it illegal and can't be done?
2.if not illegal what need to be done?

as his other partners are telling that it is not legal now, as per some 2009 notification.

they are saying we can't take loan from his father.

if it can be done how it should be treated please let me know.

I need help... please help...

Thanks
ashish roy

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 March 2015 if its loan and not gift then sec 269SS shall be applicable.....

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