Unsecured loan from directors & relatives
This query is : Resolved
17 April 2012
whether Late Father's HUF & 2 Major Son's HUF
can be considered as Director's relative so far unsecured loans from Directors & their relatives are concerned in case of closely held private Limited company. further any restrictions from the acceptance of unsecured loans from such HUF's in case of Pvt.Ltd Co.from the Companies Act point of view.
can be considered as Director's relative so far unsecured loans from Directors & their relatives are concerned in case of closely held private Limited company. further any restrictions from the acceptance of unsecured loans from such HUF's in case of Pvt.Ltd Co.from the Companies Act point of view.
17 April 2012
HUF does not comes under the defination of relative for the purpose of acceptance of Unsecured loan U/s 58A.
A closely held company will accept UL from directors or there relatives or shareholders. acceptance of deposit from others will make the company as deemed public company and all provision of acceptance of public deposit are applicable.
Advisable to make HUF's the share holders of company by allotting nominal shares.
A closely held company will accept UL from directors or there relatives or shareholders. acceptance of deposit from others will make the company as deemed public company and all provision of acceptance of public deposit are applicable.
Advisable to make HUF's the share holders of company by allotting nominal shares.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- Confusion around Form 26QB fields
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
