Huf income tax applicability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2016
Dear Experts,
Transfer of funds from HUF A/c to members is taxable or not?
Transfer of funds from HUF A/c to members is taxable or not?
Rupesh Jain
(Expert)
30 June 2016
its not taxable, but its not transfer w/o taking acceptance from all the HUF memberes.
Message likes :
1 times
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
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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