Deposit from huf
Querist : Anonymous
Acceptance of deposit by a private company from HUF:—
(a) If all members of HUF are also the directors of private company, such private company can accept deposits/unsecured loans from HUF. This case will be covered under rule 2(b)(ix) i.e. such a deposit is an exempted deposit.
(b) If all members of HUF are not the directors of a private company i.e. some of them are the partners and remaining are shareholders, still private company can accept unsecured loan/deposit from HUF. This case will be covered under rule 2(b)(ix) i.e. such a deposit is an exempted deposit.
(c) If there are some members of HUF who are not the shareholders of a private company, still private company can accept deposits from HUF. This case will not be covered under rule 2(b)(ix).
Querist : Anonymous
what if it is a public company.
please guide me regarding rule 2(b)(xi)
So if you have taken money from HUF then it will be considered as deposit.
Querist : Anonymous
what if a director is a Karta of HUF from whom unsecured loan has been taken.
If you taking loan from only director then it will not be treated as normal loan and it will not be treated as deposit.
Querist : Anonymous
an HUF concern is giving a loan as a business associates in a normal course of trade because HUF is a supplier of raw material.
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