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Querist : Anonymous

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Querist : Anonymous (Querist)
02 June 2010 if private company gives loan to one of its directors huf then section 2 (22)(e) is applicable or not???
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
02 June 2010 Yes it is applicable.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
02 June 2010 YES APPLICABLE IF HUF HOLDS MORE THAN 10% OF SHARES IN THAT COMPANY AND COMPANY ADVANCING LOAN HAS SUFFICIENT BALANCE IN ITS RESERVE & SURPLUS AND THAT PVT LTD COMAPNY IS NOT A NBFC.
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