Loan frm company
This query is : Resolved
01 March 2012
My Query is that if a director takes loan from the company, will this loan add in the Director's income?, pls clarify it
Ajay Mishra
(Expert)
01 March 2012
No, this loan will be in the nature of loan. It will also depend on your loan terms and conditions.
Message likes :
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Ankur Garg
(Expert)
02 March 2012
If a director takes loan from company, this loan will not be considered or added in the director’s salary. Rest is dependent on the terms and conditions of loan.
Further if your company is a public company then section 295 is applicable on you and you have to take approval of central govt. before giving loan to your director.
But section 295 is not applicable to a private company.
Regards
Further if your company is a public company then section 295 is applicable on you and you have to take approval of central govt. before giving loan to your director.
But section 295 is not applicable to a private company.
Regards
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