Can I transfer money from my balance sheet to HUF? If yes, is it taxable again?
This query is : Resolved
03 August 2023
Can I transfer money from my balance sheet to HUF? If yes, is it taxable again?
And if I am using that transferred amount to purchase a property with loan under HUF. Is this possible and what are the challenges?
And if I am using that transferred amount to purchase a property with loan under HUF. Is this possible and what are the challenges?
03 August 2023
1. Yes, without any tax liability, as for your HUF you are relative as per IT act.
2. Yes, HUF can purchase a house property through that fund and loan. Only thing is the income or gain arising out of the fund (share as of the fund you transferred to HUF) will be assessed in your hand.
2. Yes, HUF can purchase a house property through that fund and loan. Only thing is the income or gain arising out of the fund (share as of the fund you transferred to HUF) will be assessed in your hand.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding appeal to GSTAT
- Value of property in capital gain
- Copyright software
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- Transporter Declaration form
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
