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Query Answer
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Q1) Fixed Assets Purchase On The Name Of Director Can We Taken As Fixed Assets Addition In Private Limited Company.

Q2) Can We Also Take Loan On The Name Of Director In The Balance Sheet Of Private Limited Company.

Reply

1) If an asset is owned by a director of a company in his individual capacity, the company cannot take such asset as an addition to fixed asset of company.

2) If a loan has taken by a director in his individual capacity, the company cannot mentioned it in its balance-sheet

However company can take loan from a director provided a declaration is furnished by the director that the amount has not been given out of funds acquired by him by borrowing or accepting loans or deposits from others.

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