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Clarification regarding Section 295.

MCA 925 views 4 replies
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Tax Assistant (Accounting Technician CA
8311 Points Joined April 2008

 Clarification regarding Section 295.

 

Source:https://www.icsi.edu/WebModules/LinksOfWeeks/SECTION%20295.doc 

Attached File : 54260 751824 section 295 1 .doc downloaded: 189 times
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On 28 June 2011 at 11:23 Report
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Chartered Accountant
504 Points Joined June 2009

Thanks...............

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On 28 June 2011 at 13:16
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CA in service & CS. dipmaj@
3492 Points Joined June 2011

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

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On 28 June 2011 at 13:24
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CS (Member) CWA (Final)
909 Points Joined February 2009

This one is of 12th May. I thought again MCA came up for new clarification.

 

 Thanks.

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On 28 June 2011 at 13:33
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Tax Assistant (Accounting Technician CA
8311 Points Joined April 2008
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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On 30 June 2011 at 12:35

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