Libra P. Ltd. engaged in trading activity had accumulated profits of ₹ 15,00,000 as of 1.4.2020, Mr. Gautam having 30% of the equity shares and voting rights in the company received ₹ 5 lakhs as loan on 1-6-2020 from the company. The loan was repaid by him on 30-11-2020. The amount liable to tax in the hands of Mr. Gautam as deemed dividend is:

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Question:Libra P. Ltd. engaged in trading activity had accumulated profits of ₹ 15,00,000 as of 1.4.2020, Mr. Gautam having 30% of the equity shares and voting rights in the company received ₹ 5 lakhs as loan on 1-6-2020 from the company. The loan was repaid by him on 30-11-2020. The amount liable to tax in the hands of Mr. Gautam as deemed dividend is:

1. ₹ 4,50,000

2. ₹ 15,00,000

3.₹ 5,00,000

4. ₹ 1,50,000

Posted by R4R Team
  1. Libra P. Ltd. engaged in trading activity had accumulated profits of ₹ 15,00,000 as of 1.4.2020, Mr. Gautam having 30% of the equity shares and voting rights in the company received ₹ 5 lakhs as loan on 1-6-2020 from the company. The loan was repaid by him on 30-11-2020. The amount liable to tax in the hands of Mr. Gautam as deemed dividend is:
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