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Q. > Please Help: Non-repayable Loan
Hello Everyone, I have the following question: Persons in the Question, 1) M/s XYZ, is a pvt ltd company (which has no transactions till date) 2) Mr A, the director of the company 3) Mr B, the third party now the situation was, Mr.A and Mr. B are well know from past so many years, and earlier Mr.A helped Mr.B to grow in life and Mr.B was fully settled in the society. But the financial position of Mr.A became bad. To help Mr.A, Mr.B had given a big amount likely i.e., ₹ 2 Cr for growth of business which is non-repayable. Then Mr.A deposited the same in the M/s XYZ current account to start business. Now my question, 1) How the received amount can shown in the books of Mr.A & M/s XYZ? 2) Any tax implication & Company Law implications?
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