About huf

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2015 sir

i had a income from house property of Rs 10,00,000/- p.a now i wanted to create a HUF and transfer the amount to it . will it possible

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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16 June 2015 If you have income from house property in your individual name and you transfer it to HUF than there will be clubbing u/s 64 hence it will not be suitable from income tax point of view. If on the other hand if the house property is ancestral than you can create HUF out of such income.

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Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2015 SO INCOME OF INDIVIDUAL IS NOT ALLOWED NOT ALLOWED TO BE INCOME OF HUF

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2015 SIR ANOTHER QUESTION IS,I HAD A BANK ACCOUNT IN NAME OF HUF CAN I TAKE LOAN FOR HOUSE PROPERTY IN WHICH FOR THE SANCTION OF LOAN I WANTED TO SUBMIT THE INCOME OF MEMBERS (HUF INCLUDED PERSONS) WILL IT BE ELIGIBLE

Ankur Singhal

Ankur Singhal (Expert)
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17 June 2015 Dear you can tansfer the income to huf for this you have to gift the property to the HUF.
then you income of Rs. 1000000/- would be taxable in the hands of HUF.
But you have to file a proper gift deed.

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Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2015 take this case sir , property was purchased with my income and house was constructed by taking loan on me, know rental income from house was coming ,so i wanted to gift the property to my huf is it possible or clubbing will attrack

Ankur Singhal

Ankur Singhal (Expert)
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17 June 2015 Yes no problem. No clubbing will attract.

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