Interest free loans
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 December 2012
A company has taken Interest Free unsecured Loan from an individual & later on repoaid it ?
What are the Tax implications in the hand of the company as well as in the hands of the individual ?
What are the Tax implications in the hand of the company as well as in the hands of the individual ?
08 December 2012
There is no tax implication in the hands of the company as well as the individual. No income has arisen to the individual since the loan is an interest free loan.
08 December 2012
No Tax Implication in THat Case.
But as far as Companies Act is Concerned, If Its Pvt Co Then It Cant Accept Loan from Other Than Shareholders, Directors & Their Relatives.
Secondaly, If Its Unlisted Public Company Then Can't Accept Loan from Other Than Directors & Relatives.
But as far as Companies Act is Concerned, If Its Pvt Co Then It Cant Accept Loan from Other Than Shareholders, Directors & Their Relatives.
Secondaly, If Its Unlisted Public Company Then Can't Accept Loan from Other Than Directors & Relatives.
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