Please Help: regarding funds
Posted Date : 15-Dec-2012 , 12:53:53 pm | Posted By sahil singhal
sir, one of my client has just formed a private ltd. company with authorised capital of Rs 1 lacs only and having two members with equal share.But now they need Rs 4 lacs more for their business.They want to arrange funds through gifts and unsecured loans from their relatives. So what should be the right proportion in which they should arrange funds so that there should not be any default under any act.
Category : Income Tax | Answers : 0 | Comments : 3 | Hits : 124
Answers
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Ravi Sanguri
15-Dec-2012 , 02:15:48 pmIf you arrange the money by taking gifts from relatives..then there is no as such proportion. because gifts received (Whether in cash or in kind) is exempt under section 56(2)(vi)of Income Tax Act. And If you arrange the amount by taking unsecured loans.then you must ensure that the amount is not received in cash exceeding 20000. because it may attract penal provisions of I.T Act.
Sidharth Jain
18-Dec-2012 , 04:22:11 pmbut as per me a Pvt. Ltd. company cannot accept gifts
vipul jadhav
18-Dec-2012 , 07:33:27 pmgift recd. by any person other than Individual & HUF is Taxable under the Income Tax Act. Unsecured loans above Rs.20000/- (per loanee) should not be taken in cash. unsecured loans can be brought in equal proportions.