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Tax treatment of interest free loan to director

This query is : Resolved 
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(Querist)
28 April 2014 Can any one please tell me the tax treatment of interest free loan given to director. Its consequences in the hands of both the company and the director.
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Prankur Gupta

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Prankur Gupta (Expert)
30 April 2014 First of tell me is your company closely held or widely held? Secondly is director holding any shares in the company ? If yes what is the %of its voting power?
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