loan to relative of director
This query is : Resolved
16 December 2010
in our co ,director having more than 10% share capital of the co.loans granting to relative of director, who is not shareholder, @10% int for his personal purpose. no any single rupee or any indirect benefit will trf to director.
will it come under deemed dividend U/s 2(22)(e) of IT act ?
will it come under deemed dividend U/s 2(22)(e) of IT act ?
CA Manikandan.A.V
(Expert)
16 December 2010
Section 2 (22) (e) of the Act is not applicable to payment to ralative of a director. It is applicable only in the case of a shareholder having substantial holding specified in the section.
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