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Huf income tax applicability

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 June 2016 Dear Experts,

Transfer of funds from HUF A/c to members is taxable or not?
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Rupesh Jain

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Rupesh Jain (Expert)
30 June 2016 its not taxable, but its not transfer w/o taking acceptance from all the HUF memberes.
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suresh

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suresh (Expert)
30 July 2016 he further plan to convert HUF property to individual would clearly lack legal validity. What is exempt under Sec. 10(2) is only the amount out of the income of the HUF and not receipt of capital asset from the joint family. A member can take the property of the family only on partition of joint family.

Besides, a karta cannot appropriate the joint family property for himself so that its validity is open to serious doubt apart from genuineness which can be questioned by the assessing officer
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