INTEREST ON LOAN
This query is : Resolved
CMA. CS. Sanjay Gupta
(Querist)
11 March 2010
DEAR EXPERTS,
IF KARTA OF HUF TAKES LOAN FROM HUF IS IT MANDATORY FOR HIM TO PAY INTEREST ON SUCH LOAN. CAN HUF GIVE INTEREST FREE LOAN TO KARTA. WHAT CAN BE THE EFECT AT THE TIME OF ASSESSMENT OF HUF.
REGARDS
IF KARTA OF HUF TAKES LOAN FROM HUF IS IT MANDATORY FOR HIM TO PAY INTEREST ON SUCH LOAN. CAN HUF GIVE INTEREST FREE LOAN TO KARTA. WHAT CAN BE THE EFECT AT THE TIME OF ASSESSMENT OF HUF.
REGARDS
Aditya Maheshwari
(Expert)
11 March 2010
The loan should not be given from borrowed funds. If own funds of the HUF are used then there will not be any problem in the above loan
CA Gangadhar Mishra
(Expert)
12 March 2010
huf can give int.free loan to karta out of surplus fund.
CMA. CS. Sanjay Gupta
(Querist)
12 March 2010
DEAR EXPERTS,
PLEASE GIVE ANY SECTIONAL REF OR CASE LAWS.
THANK YOU.
PLEASE GIVE ANY SECTIONAL REF OR CASE LAWS.
THANK YOU.
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