Loan to director

hrishikesh (Querist) 29 December 2013 This query is : Resolved
. A company sold one of its part premises ,the money which came in

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R.K Nanda (Expert) 29 December 2013
state full facts.

Dr J C Vashista (Expert) 30 December 2013
Incomplete information

Rajendra K Goyal (Expert) 30 December 2013
Broadly no loan to directors. Conditions for such loans are governed by section 295 of the Co. Act.

If the directors are having more than 10% of voting rights his loan would be considered dividend for Income tax purpose (Section 2(22)(e)- deemed dividend.

For details you may visit following link:
http://www.caclubindia.com/experts/loan-by-company-to-directors-505185.asp#.UsETL7SLq_I

T. Kalaiselvan, Advocate (Expert) 30 December 2013
I think you may follow the advise rendered by expert Mr. RajendraK Goyal on the subject.

BAALASUBRAMANNYAMM (Expert) 31 December 2013
repeated query. already opinion given.

ajay sethi (Expert) 31 December 2013
repeated query no reply

Dr J C Vashista (Expert) 01 January 2014
Close this thread please.
I wish all the members a Very happy, healty and prosperous New Year

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