Allotment of shares in kind by a co-operative society
This query is : Resolved
Surendra Singh Chouhan
(Querist)
27 December 2013
Dear All,
We have a client who is a registered co-operative society. such society has taken a loan which is interest bearing. Due to business losses, such society was not able to pay such interest and made to provision of the same.
Now such society wants to issue the shares in respect of such accumulated provision. So can society do so and whether IT provisions will attract on it.
We have a client who is a registered co-operative society. such society has taken a loan which is interest bearing. Due to business losses, such society was not able to pay such interest and made to provision of the same.
Now such society wants to issue the shares in respect of such accumulated provision. So can society do so and whether IT provisions will attract on it.
29 December 2013
This is capitalisation of loan amount and there is no restriction on it and no tax implication is involved
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