Clarification regarding Section 295.
Source:https://www.icsi.edu/WebModules/LinksOfWeeks/SECTION%20295.doc
Attached File : 54260 751824 section 295 1 .doc downloaded: 157 times
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Clarification regarding Section 295.
Attached File : 54260 751824 section 295 1 .doc downloaded: 157 times
Replies (4)
Thanks...............
Kalpesh
do you have any idea if section 295 is applicable if a company gives house building loan to a director or a loan to the son of a director for higher education
This one is of 12th May. I thought again MCA came up for new clarification.
Thanks.
| Originally posted by : Dipjyoti Majumdar | ||
 |
Kalpesh do you have any idea if section 295 is applicable if a company gives house building loan to a director or a loan to the son of a director for higher education |
 |
Ans 1.
If the company ios a public company and if the loan is given to such director on interest basis i.e if loan is to be repaid with interest then Sec.295 will be applicable.
Ans.2
As the son of the director falls in the deficnition of "specified person " under sec.295. Thus, sec.295 will be applicable provided the company is a public company and loan carries interest.
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