Can I transfer money from my balance sheet to HUF? If yes, is it taxable again?
This query is : Resolved
Dinesh Udhayan
(Querist)
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.
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