Income tax on loan given
This query is : Resolved
TARIQUE RIZVI
(Querist)
30 May 2019
Respected Sir,
A private limited company has given some loan to some other pvt ltd company. Whether there will arrive certain income tax liability on loan received ?
Please let me know the section also.
A private limited company has given some loan to some other pvt ltd company. Whether there will arrive certain income tax liability on loan received ?
Please let me know the section also.
Zeal Bangdiwala
(Expert)
04 June 2019
Your case can be covered by Section 2(22)(e) deemed dividend. If both the companies have common shareholder having substantial interest then the loans/advance given can be treated as deemed dividend in the hands of the shareholder.
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