banner_ad

Is gift from HUF received by Karta liable to income tax

This query is : Resolved 
Profile Image

Profile Image

(Querist)
26 October 2016 Please tell the tax implications if interest on HUF's PPF A/c withdrawn & transfered to Karta's saving account for payment of Home Loan's EMI.. & Home is in the Joint name of Karta & his spouse... will this amount be covered u/s 56(2)(vii) for Karta
Profile Image

CA SUNIL K GARG

Profile Image

CA SUNIL K GARG (Expert)
27 October 2016 Any sun received by members from their HUF is taxable, if
(a) it is above the threshold limit as provided in Section 56(2)(vii) and
(b) it is not in conformity with conditions prescribed under section 10(2)

Hence HUF cann't give gift to its member above the threshold limit. If in your case amount transferred is more than Rs. 50000/- then it will be treated as gift in the hands of member.
Profile Image

Shubham Maheshwari

Profile Image

Shubham Maheshwari (Querist)
27 October 2016 so can HUF gave interest free loan to its Karta with the consent of all members...
Profile Image

CA SUNIL K GARG

Profile Image

CA SUNIL K GARG (Expert)
27 October 2016 Yes HUF can give interest free loan to its karta
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details