HUF consulatation
This query is : Resolved
16 June 2023
If an assessee donates 1.2cr to HUF, and HUF invests that money. Will the income so earned by that investment will be taxable to HUF or will be clubbed with the donor. Section 10(2)
16 June 2023
If any assessee donate 1.20 Crs to HUF, firstly, HUF will pay tax over the donation received.
After the payment of tax over the amount, there will not be any tax liability over donor for the income earned by HUF.
After the payment of tax over the amount, there will not be any tax liability over donor for the income earned by HUF.
16 June 2023
As far as I know Karta can donate any amount to HUF, without any tax implications.
16 June 2023
In case of HUF, gift received from any of the members of the HUF is exempt from Income. And this is Explained in definition of relatives exempte from gift threshold of 50,000.
16 June 2023
Here gift given is more than Rs. 50,000/-
Any way the interest income will get clubbed in the individual income of KARTA.
Any way the interest income will get clubbed in the individual income of KARTA.
16 June 2023
HUF is specified relative and hence gift above 50,000 ar not taxable if given by any of the member or karta. And also the income earned is taxed to HUF itself. Sir, if you have any section or case law supporting your claim please share.
16 June 2023
Sec 64(2) IT act... In case, a member of HUF transfers his individual property to HUF for inadequate consideration or converts such property into HUF property .... Income from such converted property shall be clubbed in the hands of individual.
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