26 October 2016
Please tell the tax implications if interest on HUF's PPF A/c withdrawn & transfered to Karta's saving account for payment of Home Loan's EMI.. & Home is in the Joint name of Karta & his spouse...
will this amount be covered u/s 56(2)(vii) for Karta
27 October 2016
Any sun received by members from their HUF is taxable, if (a) it is above the threshold limit as provided in Section 56(2)(vii) and (b) it is not in conformity with conditions prescribed under section 10(2)
Hence HUF cann't give gift to its member above the threshold limit. If in your case amount transferred is more than Rs. 50000/- then it will be treated as gift in the hands of member.
CAclubindia
