Zakaat on Intercompany Loans

Q: Is zakaat payable on Intercompany Loans? Company X and Y are owned by Mr. A. Company X lends Y R250 000 as demonstrated on the balance sheet. The loan is a general loan with no specific purpose. The loan is an Asset to X and a liability to Y. Will Company X pay Zakaat on the loan receivable from Y? Will Y subtract the loan in its zakaat calculation?