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UNSECURED LOANS

This query is : Resolved 
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(Querist)
09 May 2010 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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CA. RAJESH Kr. MAURYA

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CA. RAJESH Kr. MAURYA (Expert)
09 May 2010 Yes he can do so and the loan entries would be allowed. In the eye of Income tax, Individual and HUF are two different entities, and between two entities this transaction is possible.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
09 May 2010 AGREE WITH EXPERT.
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CA Kartik Pandya

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CA Kartik Pandya (Expert)
10 May 2010 Yes i m also agree with the expert.
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