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Huf corpus (Income Tax)

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This query is : Resolved



( Author )
07 March 2012

Hi friends,

I had just open huf saving account i want to know how can i build corpus for huf i had following points in mind pls advice for the same

1) CAN KARTA CAN GIVE LOAN TO HUF FOR SHORT TERM

2) I HAD MY WIFE AS COPARCENER CAN SHE GIVE LOANOR GIFT TO ME

3) ANY OTHER WAY FOR THE SAME

IS THERE IS ANY LIMIT FOR THE SAME

REG

RAHUL


CA PARAS BAFNA

( Expert )
07 March 2012

Keeping in view section 56(2) (vii) provisions, gifts can be taken from non relatives, up to Rs. 50000/- in a Financial Year. HUF can take loan from any person.

.
Members can give loan to HUF. However, if a member wants to gift certain amount to HUF, provisions of Section 64(2) for clubbing of income may be kept in mind and such gifts are to be avoided.
.


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