Loan to relatives of director of pvt ltd,whether permissible
This query is : Resolved
28 December 2012
I want to know Whether a private compnay can give loans to directors , relatives , partnership were directors are partners .
1)The company is not a lending company .
2)Which provision need to be followed ?
3)Thanks in Advance ...
1)The company is not a lending company .
2)Which provision need to be followed ?
3)Thanks in Advance ...
28 December 2012
As far as companies act is concerned there is no problem, but if the directors are also shareholder of the co and holding more than 10% of shares then the loan will be ragrded as deemed dividend u/s 2 (22)(e) of the income tax act.
Message likes :
1 times
28 December 2012
1)Any board resolution required for approval of loan to directors ,relatives ,companies , partnership were directors /their relatives are interested ?
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Free lancer income
- LTCG for Assmt year 26-27
- Loan by Partnership Firm
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Soyabean hsn code and gst rate
- NON- SUBMISSION OF LLP FORM 3
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- 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
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
