Management of retirement fund
This query is : Resolved
17 October 2013
My client retired on aug. 2013 and he want to invest his retirement fund about 30 lac.
and monthly pension is 26,000 Rs. p.m. please tell how to manage his fund so that minimum tax payable.
in addition he has wife & one son.
please tell me all tax planning.
Any adjustment, gift, transfer or any other planning about tax planning or any way about tax saving.
and monthly pension is 26,000 Rs. p.m. please tell how to manage his fund so that minimum tax payable.
in addition he has wife & one son.
please tell me all tax planning.
Any adjustment, gift, transfer or any other planning about tax planning or any way about tax saving.
18 October 2013
1. Your client may give gift to his son for that execute the gift deed.
2. Your client may create HUF and transfer some fund in Huf so if any income arises from that fund will be taxable in HUF.
2. Your client may create HUF and transfer some fund in Huf so if any income arises from that fund will be taxable in HUF.
18 October 2013
this is good that he can transfer this amount to his son. but
Mr Ravi there is clubing provision in transfer to HUF.
this is good that he can transfer this amount to his son. but
Mr Ravi there is clubing provision in transfer to HUF.
18 October 2013
HUF can take an interest free loan from Karta/members.
In my view, the income from loan will be taxed in the hands of the HUF and cannot be clubbed in the hands of the Karta/Member. Section 64(2) will be applicable only when the asset is transferred or converted into joint property of the HUF. In case of Loan, the same is not converted into common property of HUF so 64(2) will not operate.
In my view, the income from loan will be taxed in the hands of the HUF and cannot be clubbed in the hands of the Karta/Member. Section 64(2) will be applicable only when the asset is transferred or converted into joint property of the HUF. In case of Loan, the same is not converted into common property of HUF so 64(2) will not operate.
18 October 2013
Mr Ravi
“property” includes any interest in property, movable or immovable, the proceeds of sale thereof and "any money" or investment for the time being representing the proceeds of sale thereof and where the property is converted into any other property by any method, such other property.
so property includes money and there is clubbing provision attract on the transfer of fund into HUF.
“property” includes any interest in property, movable or immovable, the proceeds of sale thereof and "any money" or investment for the time being representing the proceeds of sale thereof and where the property is converted into any other property by any method, such other property.
so property includes money and there is clubbing provision attract on the transfer of fund into HUF.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Banking Related Issue
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
