Personal loan to a director

Dear Experts,

My wife is a director of a company (I am not) but we maintains joint saving account. 


Query #1. If I take a personal (unsecured) loan from one of my relatives abroad into a joint account that I operate with my wife, can I give the same as personal loan to my wife from same account, if yes then what I need to take care of from accounting perspective.
 
Query#2. Can I provide a personal loan from my personal funds (from another jointly operated account) directly to my wife's company's account or should she maintain a separate saving account and then I should transfer the same to saving account and she transfers the same to company account
 
Appreciate if the query can be resolved at the earliest.

Best regards,

Replies (1)

Gentleman your querries are not so clear at it should have been:

However, note 

The name of first person on saving account is counted as the actual owner of that account. Now if first name is of your wife then the amount belongs to your wife and not of you.

 You can give Loan to the Company (owned by your wife) from your personal account. Even your wife can also give loan to her Comapny from her personal account.  Interest can also be earned from Company. But keep in mind that first account holder of a joint account is owner of that account.

May contact me directly at vkbajaj1950 @ yahoo.co.in

 

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