can a pvt ltd can accept loans from oher pvt ltd
can a pvt ltd can accept loans from oher pvt ltd
PRADEEP D PATANGE (CA-Fresher-Service) (110 Points)
05 September 2009
4 Replies
CA Ramesh Kr Verma
(Partner)
(138 Points)
Replied 07 September 2009
Yes, it can .372 A will be applicable if it is a subsidiary of a public company otherwise not.
regards,
Ramesh Kr Verma
(Guest)
Check the relationship between the two company.
because the section 2(22)(e) of income tax act says that
loan form the related company will be treated as deemed dividend.
Private company can not invite anybody to give deposit to it, but it can take deposit, loan, etc. from the known persons like director, shareholder, friends, etc.
Ankur Shah (Practicing Company Secretary)
“Guru Gautam” Bungalow, Inside Parshwa Tower,
Nr. Shyamal Cross Road, 132ft. Ring Road,
Satellite, Ahmedabad – 15
Contact: + 91-9427633901
E-mail: ankurjewel @ gmail.com
Blog: csankur.blogspot.com
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 08 September 2009
Yes, private Co. can take loan form other private company and it will not, in any way, be considered as deposit. It will always considered as unsecured loans.
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