Conversion of loan into equity
This query is : Resolved
13 October 2009
Sir,Whether conversion of loan into equity given to a 100% subsidiary attracts any liability /penalty under any Section of Income Tax Act, 1961? Please guide.
13 October 2009
As per income no penalty is leviable. However you should have written communication from holding to subsidiary. Section 372A of the companies act has to be adhered to.
13 October 2009
Agree with expert
14 October 2009
Agree with experts
15 October 2009
Thanks to all of you for precious & valuable advice.
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