loan to director
This query is : Resolved
03 October 2008
The facts of the case are as under
1) X is a pvt ltd company
2) its director mr. Z is majortiy shareholder/ beneficial shareholder.
3) The above director is in urgent money
say about 20 lacs for personal obligations
4) what is the best option availble to him. How can he withdraw or take loan without contravening companies act provsion & without attacting Tax liability
in his income.
Please help
The facts of the case are as under
1) X is a pvt ltd company
2) its director mr. Z is majortiy shareholder/ beneficial shareholder.
3) The above director is in urgent money
say about 20 lacs for personal obligations
4) what is the best option availble to him. How can he withdraw or take loan without contravening companies act provsion & without attacting Tax liability
in his income.
Please help
03 October 2008
1111
03 October 2008
Tax liability would arise in the form of tax on deemed dividend.
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