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taxability of loan given to director?

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 November 2009 can any one tell me whether loan given to a director by a private company is taxable in the hands of director? plz also tell the section applicable .

thanks n regards
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
10 November 2009 SECATION 295 IS NOT APPLICABLE ON PRIVATE COMPANIES. loan given to a director by a private company or public company is NOT taxable in the hands of director.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
11 November 2009 Pl read section 2(22)(e) of the Income tax Act,1961.
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haridhayalan

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haridhayalan (Expert)
11 November 2009 not taxable
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 November 2009 what if the director is also a sharholder in the company with 9% shareholding

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