Software

nishad (Querist) 21 May 2010 This query is : Resolved
A bank wants to extend a loan to a software firm for procuring a particular software called "B".How does bank create a charge on the software? a mere hypothecation will do or anything more required under any IT Act?Can you please help as this is urgent

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Uma parameswaran (Expert) 22 May 2010
Mere hypothecation of the software is not enough.It will depends upon amount and bank procedure.

Raj Kumar Makkad (Expert) 23 May 2010
It is not a matter of Income tax rather the security of Bank. banks have their own procedures to deal with such situations and no comment can be passed over their rules without knowing the contents of the agreement and procedure of the relevant bank.

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