Unsecured loan by company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 July 2012
Dear expert,
There is company registered with share capital of Rs. one lac. Whether such company can take unsecured loan from its directors in their personal capacity.
Please advise me from the perspective of income tax and company law both.
Thanks in advance.
There is company registered with share capital of Rs. one lac. Whether such company can take unsecured loan from its directors in their personal capacity.
Please advise me from the perspective of income tax and company law both.
Thanks in advance.
CA PARAS BAFNA
(Expert)
15 July 2012
A pvt Ltd Company can take loan from its members or shareholders. Directors having shareholding in the company can give Unsecured Loans to the Company.
Income Tax : Accept Loans by A/c Payee Cheques only.
.
Income Tax : Accept Loans by A/c Payee Cheques only.
.
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