My Query is: if a private company has taken a loan from a shareholder of Rs.30 lacs.
Can a Private comapny take a interest free loan from a shareholder?
Would such interest free loan by shareholder violate any provision of Companies and Income Tax Act?
i think sec 293 of company's act will not be applicable. i think company can take loan from share holders.
income taxa act sec 269SS, 269T refer these section to be safe.
yes a private limited company is allowed to take loans from shareholders, directors and relatives of directors. It can be an interest free loan no harm it that.
Agree with Mr praveen
| Originally posted by : praveen | ||
 |
yes a private limited company is allowed to take loans from shareholders, directors and relatives of directors. It can be an interest free loan no harm it that. |
 |
CAclubindia
