Interest free loan to a pvt ltd co.
This query is : Resolved
16 August 2013
My client has given a interest free loan from its proprietor-ship & from its partner-ship firm to a Pvt Ltd Co. which is also owned by her.
There is a closing balance of Rs. 6 lacs and Rs. 16 lacs in proprietor-ship & partner-ship firm respectively.
My query:
1) Whether notional interest needs to be charged for the proprietor-ship & partner-ship firms under IT Act?
2) Whether a pvt ltd co. is allowed to take interest free loans under companies act 2012?
There is a closing balance of Rs. 6 lacs and Rs. 16 lacs in proprietor-ship & partner-ship firm respectively.
My query:
1) Whether notional interest needs to be charged for the proprietor-ship & partner-ship firms under IT Act?
2) Whether a pvt ltd co. is allowed to take interest free loans under companies act 2012?
17 August 2013
Notional interest should be charged.
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