Huf

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dhaval shah

dhaval shah (Querist)
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23 February 2012 HELLO SIR

IS ANY MEMBER OF HUF CAN GIVE TAX FREE GIFT TO THEIR HUF ?

THANK YOU

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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

dhaval shah (Querist)
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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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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