Huf and income tax
This query is : Open
25 March 2012
Whether in inter family transactions (Including loan to and from HUF)interest is required to be paid compulsarily at market rate or we can claim less or no interest?
Please reply asap
Please reply asap
26 March 2012
No to the extant of the capital it is not required but if you have borrowed the same and then you are giving it to the HUF then it is required. The same law applied to other family members
14 April 2014
PROBLEM OF NOT CARGING INT OR CHARGING INT AT LOWER RATE ARISE IF YOU ARE CHARGING INT FROM THE OUTSIDERS AT A DIFFERENT RATES. sUCH TRANSACTIONS FALLS UNDER RELATED PARTY TRANSACTIONS U/S 40A(2)(b) of the income tax act 1961 in which if the expenditure with the related party are not done at the arms lenght price, such difference is chargable to tax.
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
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
