Share Capital introduced by director
This query is : Resolved
Quick Summary
18 June 2020
Dear Expert,
1. An individual takes personal gold loan of Rs. 10 Lacs. The bank transfers the gold loan money in his savings account.
2. Now he incorporates a OPC with paid up capital of Rs. 5 Lacs.
3. He transfers Rs. 5 Lacs from his saving account to company current account for paid up share capital.
Query: Is there any restriction on this source of share capital?
1. An individual takes personal gold loan of Rs. 10 Lacs. The bank transfers the gold loan money in his savings account.
2. Now he incorporates a OPC with paid up capital of Rs. 5 Lacs.
3. He transfers Rs. 5 Lacs from his saving account to company current account for paid up share capital.
Query: Is there any restriction on this source of share capital?
18 June 2020
As per my opinion there is no restriction.
Message likes :
1 times
18 June 2020
Borrowed money can be used for share capital subscription, no restriction.
18 June 2020
thank you so much sir.
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- UDIN ISSUE
- Salary from Qatar in Dollars in India
- TDS on purchase of under construction property from a reseller
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
Quick Links
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
ARTICLESHIP
18 September 2026
Industrial Trainee
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
CCI
Pro
CAclubindia
