Dues paid by director on behalf of company
This query is : Resolved
17 September 2011
If Mr. A pays stamp duty directly to the government for the land purchased in the name of company.
all payment made by cash.and Mr. A is also a director of that company.
please what would be the treatment.
is it correct or not.
and the traction amount of rs. 2crore in cash .
all payment made by cash.and Mr. A is also a director of that company.
please what would be the treatment.
is it correct or not.
and the traction amount of rs. 2crore in cash .
RG - A Helping Hand
(Expert)
28 September 2011
I think this would be considered as loan by the director to the company. Reason being Land is the assets of the company for which stamp duty is the legal exp which should be borne by the company.
This loan transaction should be supported by a board resolution.
RG
This loan transaction should be supported by a board resolution.
RG
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