banner_ad

ritesh shah
This Query has 1 replies

This Query has 1 replies

HI,
I have recently created a HUF with my Dad, where I am karta (as per ITAT online ), and dad coparcener (my HUF DEED consist ONLY me and Dad )
For financial tax planning suggest safe ways to avoid clubbing provision and Tax Notices from below.

—----
Option 1: BRINGING RENTAL INCOME TO HUF
I am co-owner in a purchased office with my parents (during 2005, my age around 23 at that time), NOW, I want to bring in rental income to HUF without getting Clubbing provision.

> Query 1. From the following which is safest way without getting IT NOTICE, or tell me best solution available with you.
1. Making a registered gift agreement by karta (doner) to huf (donee) without any consideration, so, will that get clubbing provision on earned    or
2. making first LONG LEASE agreement between karta (landlord) and HUF (AS A TENANT) , (where 3000 rent paid by KARTA to HUF     &    In the second agreement, by way of sub tenancy or Leave & Licensing same office at 30000 license fees from licensee MR.ROHIT , so karta receives 3000 rent from huf, and huf receives 30000 license fees from its licensee? Here as HUF is receiving License fees and also paying rent to Karta so clubbing provisions will apply in such a case?. )    or
3. Karta makes will in favor of HUF, so inheritance is denied from karta’s side and SO DOES clubbing apply here.?
 
==========

Option 2. LOAN

To bring my investment in HUF  without clubbing,  Karta gives loan to HUF at 0.5 to 2% per year and huf makes investment , earns interest at approx 10 % per year

QUERY 2. 
1. Does IT Dept allows 0.5 to 2% annual interest Income tax??
2. How much loan can be given to huf safely? 
3. for  this , is it Required to make a notarised  LOAN  agreement for IT Dept?  And is this safe option?
4. How to disclose to income tax about transferred amount as loan?

============

 Option 3, GIFT

Any income from gift given by karta or coparrcener to HUF will bring clubbing provision so,
if,

QUERY 3
1 >>> My UNCLE’S SON , a BLOOD RELATIVE, BUT NOT MEMBER OF HUF , as was not included in HUF DEED., AND AS NOT MEMBER OF HUF he WONT GET CLUBBING, right?,
2. SO ANY GIFT FROM HIM OR DISTANT RELATIVES WHO ARE NON MEMBERS FATHER’S SIDE WILL BE TAX FREE?
3 . >> and DOES special OCCASION REQUIREd to validate GIFT?
most important >> 4. yearly how much gift from relatives and Loan from Karta to HUF should be transferred safely without getting Notice by IT Dept , in this HUF's first commencement year?

===============


Option 4 , INHERITANCE

1. In ancestral property from my mother’s side can i bring MY 33 % share+ additional 33 % share received as gift from my aunty?
2. Which documents (gift deed etc?) need to be prepared, where HUF will be mentioned as beneficiary ?    
3. is MOTHER'S LINEAL side property is allowed to be added in HUF as inheritance?
And 
apart from above , in first commencement year of HUF, SAFELY HOW I can RAISE HUF CAPITAL AND TRANSFER RENT AND  FUNDS  WITHOUT involving  CLUBBING PROVISION and  IT NOTICE ? 
>  (Our income includes from rent of co-owned property and interest from investments)
  

Thanks and kind regards,

ritesh shah - 8779496245


Anu Elizabeth Shaju
This Query has 7 replies

This Query has 7 replies

29 April 2023 at 13:03

TDS on twitter subscription charges

Is TDS applicable on twitter subscription charges paid to non resident


Nisha Kathuria
This Query has 4 replies

This Query has 4 replies

29 April 2023 at 12:21

80C deduction mandatory

Dear Sir,

Its mandatory to Claim 80C deduction Can We file ITR without Claim 80C deduction taxable income before 80C deduction Rs.410000/-


sachin Alwadhi
This Query has 3 replies

This Query has 3 replies

Sir

As per my knowledge tds on professional services of chartered accountant/cost accountant services applicable @10% and need to deposit u/s194 j(b) but on new platform of tds on income tax portal this section is not appearing .only option is 194 j is coming .can we pay tax u/s 194 j for 194j(b) services?


Shweta
This Query has 1 replies

This Query has 1 replies

Mr A and Mrs are husband and wife.
Mr A gifted shares to Mrs A worth Rs 5,00,000 in 2010-11
Expecting the shares to be sold in current financial year, Mr A and Mrs purchased a house property (joint ownership between Mr A and Mrs A) for Rs 50 Lakhs in March 2022. Mr A provided Rs 20 Lakhs From his personal funds and Rs 30 Lakhs through joint home loan.
Mrs A sold the shares in June 2022 for Rs 50 Lakhs which is also the long-term capital gain for her. The sale consideration from shares was credited in her account and the home loan was disposed off.
Income from sale of shares is to be shown in the ITR of Mr A after application of clubbing provisions of section 64(1)(iv) in Mr A ITR.
Mr A wants to claim exemption under section 54 F for investment done by both Mr A and Mrs A, in purchase of joint property, as Mr A provided Rs 20 Lakhs from his personal funds and Rs 30 Lakhs through joint home loan which was disposed from sale consideration of shares (the money was credited in bank account of Mrs A and loan was disposed through check)

Query - Whether or not eligibility claim of Section 54 F will be accepted by the Income Tax department regarding joint investment / joint ownership of residential house with both Mr A (transferor) and Mrs A (transferee) eligible to claim section 54F on sale of shares.

Please support with relevant case laws, if any.


Daya
This Query has 1 replies

This Query has 1 replies

what is Major difference between TDS section 194C and 194M.
When to deduct TDS under section 194 M and what is criteria to apply under section 194M.


mathew
This Query has 1 replies

This Query has 1 replies

28 April 2023 at 14:51

Non resident bringing money to India

An American married an Indian resident and he wants to bring money from USA to buy a house in India. What are legal compliance? and Income tax liability if any ?




Shamsher Singh
This Query has 3 replies

This Query has 3 replies

28 April 2023 at 06:34

Tcs not fully claimed

sir
i file income tax return for a.y 22-23 on sept 30 . later on 31 st december 2022 rs 4 lac
updated in form 26 as . I could not claim it in the original return and time for filing the
revised return expired . I filed the rectification in form 26as but the cpc did not allow
the tcs but the same is reflecting in the form 26as . it is big amount what i do.


Zeel
This Query has 1 replies

This Query has 1 replies

27 April 2023 at 17:17

Fno loss carryforward

In fy 2022-23 I make loss of 80k in which 50k is goverment charges only and i need to carry forward it.

First question, is my 80k total loss will be carry forward or goverment charges can't get carryforward ?

Second question, i don't have any taxable busines income my father has taxable business income can I deduct my loss from his taxable amount he is nominee in my trading account. Or i need to carry forward it separately on my account ?


Deepak Rawat
This Query has 7 replies

This Query has 7 replies

27 April 2023 at 16:47

Taxability of Salary earned in Qatar

Hi Experts
My brother has been working as Chef in Qatar as Chef in a hotel from 19th Aug 2022. It is first time he is working abroad.
Will his salary taxable in India ?
Please guide...






CCI Pro
Meet our CAclubindia PRO Members

Follow us
add to google news



Answer Query

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details