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Repayment of director loan.
A loss making private limited company having loan form director. all 2 director are also share holder in of company. company have fixed assets as building. Now director want repayment of loan form company as consideration company fixed assets. can company do so. if yes what is procedure to be followed by co.
Replies (1)
As per Sec.269T of IT Act loan has to be repaid through banking channels only. Hence it will be advisable to treat these two transactions separate.
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