Intercorpotate loan
This query is : Resolved
Dipankar Mukherjee
(Querist)
06 April 2009
Can a private limited company accept loan from another private limited company?Please explain with relevant section under the Companies Act 1956.Does it attract any provision under the Income Tax Act,1961?
Ankur Garg
(Expert)
30 April 2009
Provisions relating to Inter corporate loan are governed by section-372A.
But as per section-372A(8)(a)(iii), this section is not applicable to a pvt. co.
But if your company is subsidiary of any public company then this exemption mentioned above is not avaiable.
To conclude-- a pvt co can accept loan from another other Pvt company.
Best Regards
But as per section-372A(8)(a)(iii), this section is not applicable to a pvt. co.
But if your company is subsidiary of any public company then this exemption mentioned above is not avaiable.
To conclude-- a pvt co can accept loan from another other Pvt company.
Best Regards
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