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UNSECURED LOANS....

This query is : Resolved 
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(Querist)
15 May 2010 "This is the second time, I'm making the same query,, I would be thankful to all the peoples who make a reply for me....
PLEASE......

An individual is having a PROPRIETORSHIP firm....
Can he take loan in his firm from his own HUF?
Proprietor of the firm and karta of HUF being the same?
To be specific,won't the "AO", disallow such loan entries
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Nischint Kumar Somani

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Nischint Kumar Somani (Expert)
15 May 2010 yes loan can be granted, both are different concern, further provisions of 64 are not applicable in my opinion.
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CA Shiv

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CA Shiv (Expert)
16 May 2010 Yes he can easily do tht....But take care that loan is in name of HUF....
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
16 May 2010 Yes he can take loan.
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Pankaj Jhawar

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Pankaj Jhawar (Expert)
17 May 2010 They are diferent person in the eye of law, so u can take loan. No probs
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