Deemed Dividend
This query is : Resolved
24 September 2009
If the company has given advance to HUF for purchase of property of HUF and the karta of HUF is also director shareholder of company holding 25% shareholding in company, does this amount to deemed dividend under I.T Act. is any resolution required by company for this. is this transaction covered under S.297 or 299 of Companies Act also. Pl. help me out as I am confused.
24 September 2009
yes, this will be the deemed dividend under sec 2(22)(e) of the income tax act & same will taxable in the hands of the karta i.e director & not in the hands of HUF.
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