Interest free loan to group concern
Querist : Anonymous
Please clarify: A Private Limited Company having paid up share capital of RS. 20 Crore made Interest free loan of Rs. 1 Crore to its Group Concern.
Please clarify whether Interest free loan allowed as reference to Companies Act, 1956 and Income Tax Act, 1961
standard rate made public under section 49 of the Reserve Bank of India Act, 1934.
Querist : Anonymous
So question for Interest at prevailing rate will not arise.
Please provide alternate solution.
2) Section 372A of the Companies Act,1956 doesn't apply to a private limited company unless it is a subsidiary of a public company.
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