Loan to director by pvt company
This query is : Resolved
21 April 2012
Dear All,
My query is that whether a Pvt Ltd Company can give Loan to its Director. If yes, id there any limit or any time frame within which he has to return back the loan.Also the sections applicable to it.
Thanks in Advance
Amit Jain
My query is that whether a Pvt Ltd Company can give Loan to its Director. If yes, id there any limit or any time frame within which he has to return back the loan.Also the sections applicable to it.
Thanks in Advance
Amit Jain
21 April 2012
Yes. A Pvt Ltd Company can give loans to its Directors provided the AOA authorised the same to do to the company. There is no specific provision regarding restriction/limitation of loans to dir in case of Pvt Ltd Co.
21 April 2012
Dear Mr. Amit,
Please read section 2(22)(e)of income tax also, it may be treated as deemed dividend under certain circumstances.
Please read section 2(22)(e)of income tax also, it may be treated as deemed dividend under certain circumstances.
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