If one person has capacity as individual & huf. suppose huf capacity has taken a loan from pvt. ltd. company having substantial interest but hi is director as capacity of individual in that company then it will attract 2(22)(e) in the hands of individual/huf.
3 Replies
GAUTAM SHARMA
(Audit Assistant)
(353 Points)
Replied 07 January 2014
PLease write your query clearly
CA HIRAL PATEL
(CHARTERED ACCOUNTANT)
(536 Points)
Replied 07 January 2014
Suppose X person is as 2 different capacity as individual and his own huf.
now in pvt. ltd. x is as director as individual capacity. now comp. has given loan to capacity as huf.
although person is same but in income tax its 2 different person.
so in case individual or huf 2(22)e would applicable or not.
GAUTAM SHARMA
(Audit Assistant)
(353 Points)
Replied 07 January 2014
if x is beneficial shareholder of holding 10% or more in company and he has substantial interest in HUF,then Deemed dividend will be taxed in the hands of HUF.Sec.2(22)(e) is a deeming fiction.Whether representative cap or individual, it doersn't matter
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