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
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