Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Unsecured loan & loan and advances

Lakshmi (Article) (171 Points)

31 January 2016

Hello friends Can parents do the transaction of unsecured loan or loan advances in the name of minor? please guide

Reply
Follow
Share

3 Replies

JAGANATHAN R ACMA, SAP(Fi-Co) (Manager Accounts and Finance) (915 Points)
Replied 31 January 2016

No ., its not possible

Upgrade to CAclubindia Pro. Subscribe Now!

Lakshmi (Article) (171 Points)
Replied 31 January 2016

Thanks sir for replying. Is there any make difference if minor do transaction of loan & advance from gifted cash?

Ajit Hegde (CA - Final) (1367 Points)
Replied 01 February 2016

Obtaining loan from a minor is not restricted by companies act. However, a contract with a minor is void as per indian contract act in case of dispute on the loan obtained from a minor

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

Trending Online Classes

Certification Course on GST Invoice Management System (IMS)

CA Pratibha Goyal

Enroll Now

28 November 2024
Certificate course on Income Taxation of Indians in the US

Saniya Mushrif

Enroll Now

30 November 2024
Basics of UAE Corporate Tax and VAT(With Recording)

CA Mohd Asim

Enroll Now

07 December 2024

Unsecured loan & loan and advances

3 Replies

Online classes for CA CS CMA. Professional courses for GST, Tally, Others & Books

Leave a reply

Recent Topics

Related Threads

Popular Discussion

Trending Online Classes

Subscribe to the latest topics :

Search Forum: