Loan agreement in the name of directors.
This query is : Resolved
Guest
Guest
(Querist)
07 January 2013
Sir/Madam,
A loan agreement is in the name of the Company and its four directors.
Now, the directors want to show the property in the name of the Company with corresponding credit shown as secured loan from Non-Banking Financial Company.
Tax at source has been deducted on interest paid to Non-Banking Financial Company.
I want to know whether it is possible to show the property as asset of the Company. What are the legal compliance's for this?
Thanks
A loan agreement is in the name of the Company and its four directors.
Now, the directors want to show the property in the name of the Company with corresponding credit shown as secured loan from Non-Banking Financial Company.
Tax at source has been deducted on interest paid to Non-Banking Financial Company.
I want to know whether it is possible to show the property as asset of the Company. What are the legal compliance's for this?
Thanks
25 July 2013
If the property is transferred to the company by way of registered document then it is possible
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Reward for festival
- Capital gain on commercial property and investment in residential property
- Import of Capital Machine
- RCM and same line
- ARCA LOGIN
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- TDS Return Statement Status
- Appointment of Auditor By Form ADT-1
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
