housing loan to executive director

This query is : Resolved

Raghupathy M (Querist)
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14 September 2009 Sir

whether hosing loan is eligible for executive Director under section 295 of the C A 1956
pl clarify

Ankur Garg

Ankur Garg (Expert)
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14 September 2009 Hi,

Hi,

There is a deptt clarification to this query.

Housing loan u/s 295 is not applicable to a Housing loan given to dir if following conditions are fulfilled:

1. dir to whom Housing loan is given is MD/WTD.

2. company is having Housing loan scheme for all its employee and officers.

3. Housing loan is given to MD/WTD as per the scheme above.

If above conditions are fulfilled then section 295 is not applicable.

Regards

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