Huf
This query is : Resolved
dhaval shah
(Querist)
23 February 2012
HELLO SIR
IS ANY MEMBER OF HUF CAN GIVE TAX FREE GIFT TO THEIR HUF ?
THANK YOU
IS ANY MEMBER OF HUF CAN GIVE TAX FREE GIFT TO THEIR HUF ?
THANK YOU
CA PARAS BAFNA
(Expert)
23 February 2012
A member can give gift to his HUF. Any income earned from such fund will be clubbed in the hands of the donor by virtue of Section 64(2)
dhaval shah
(Querist)
23 February 2012
THANKYOU SIR
BUT HERE GIFT & CONTRIBUTION ARE DIFFERENT OR SAME ?
AS IF MR. X AS MEMBER OF HUF CAN GIVE RS. 200000/- TO HUF THEN IN B/SHHET IT SHOULD BE GIFT OR CONTRIBUTION?
IS HE (MEMBER OF HUF) CAN GIVE INTEREST FREE LOAN(OWN FUND) TO HUF?
THANKYOU
BUT HERE GIFT & CONTRIBUTION ARE DIFFERENT OR SAME ?
AS IF MR. X AS MEMBER OF HUF CAN GIVE RS. 200000/- TO HUF THEN IN B/SHHET IT SHOULD BE GIFT OR CONTRIBUTION?
IS HE (MEMBER OF HUF) CAN GIVE INTEREST FREE LOAN(OWN FUND) TO HUF?
THANKYOU
CA PARAS BAFNA
(Expert)
23 February 2012
CONTRIBUTION OR GIFT ARE THE SAME.
.
IF HE GIVES INTEREST FREE LOAN FROM HIS OWN FUNDS(NOT WITH INTEREST BEARING BORROWED FUNDS), THERE WILL BE NO PROBLEM.
.
IF HE GIVES INTEREST FREE LOAN FROM HIS OWN FUNDS(NOT WITH INTEREST BEARING BORROWED FUNDS), THERE WILL BE NO PROBLEM.
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