Loan from director's relative
This query is : Resolved
19 January 2015
Respected Sir,
ours is a family owned private limited co.no outsiders are in the company's board of directors. there is no loans from any financial institution including bank.The directors of the company have given loan to the company. The associate concerns like partnership firm, HUF,our family trust, other Private limited co where we are the directors. It is very difficult to pay these relative loans to them. we would like to continue our related parties loan to our (p) ltd. co. The paid up capital is Rs. 5 lakhs The related parties loans is to the tune of 2. crore. How to retain these loans and what are the formalities to follow for retaining such loans. please advice
ours is a family owned private limited co.no outsiders are in the company's board of directors. there is no loans from any financial institution including bank.The directors of the company have given loan to the company. The associate concerns like partnership firm, HUF,our family trust, other Private limited co where we are the directors. It is very difficult to pay these relative loans to them. we would like to continue our related parties loan to our (p) ltd. co. The paid up capital is Rs. 5 lakhs The related parties loans is to the tune of 2. crore. How to retain these loans and what are the formalities to follow for retaining such loans. please advice
20 January 2015
you have to exercise borrowing power u/s 180 of the act to retain such borrowings and take necessary approvals and file mgt14 for the same
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
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- ITR Filing Requirement for Partnership Firm Registered but Business Not Commenced
- Income of an individual
- Capital gain profit distribution among partners of partnership firm
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
