Trf from pvt ltd

Querist : Anonymous (Querist) 27 December 2011 This query is : Resolved
Pl. advise..
Can the pvt ltd company can transfer any amount of money other than the commercial transaction, say loan to a proprietory organisation where the Direcot is the Proprietor of the organisation

What is the maximum limit and what are the consequences on transfer..

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A V Vishal (Expert) 28 December 2011
No it will attract S.2(22)(e) of the Income Tax Act, 1961 and as such will be treated as deemed dividendend and taxed in the receiver's hands.

Sailesh Kumar Shah (Expert) 28 December 2011
In addition to above, in case pvt limited company, which is subsidiary of public company then also transactions are not allowed.

prabhakar singh (Expert) 28 December 2011
I agree with experts.

Deepak Nair (Expert) 28 December 2011
Agree with the experts advices

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