Reg:hindu undivided family

This query is : Resolved

Aashish (Querist)
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01 July 2013 Dear sir ,
please help me by suggestinf whether the entry given below is proper, if not please provide with correct entry.

Interest earned
accrued interest dr 100
to interest account 100

I can transfer this amount to HUF?
Interest a/c dr 100
to HUF account 100

CA UMESH DULAL

CA UMESH DULAL (Expert)
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01 July 2013 entry is proper

but you can not transfer accrued interest as your right over interest is not established. When you earned interest then gift it to HUF.

Aashish

Aashish (Querist)
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01 July 2013 Dear sir,
Can I transfer my income to my HUF account?
For eg if i receive any sitting fees, can i transfer this income to my HUF account?

Cash a/c dr 100
to sitting fees 100

Sitting fees dr to 100
HUF account 100

HUF account Dr 100
TO cash a/c 100

CA UMESH DULAL

CA UMESH DULAL (Expert)
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01 July 2013 you can transfer any amount to HUF but for income tax purpose the income is treated in the hand of Individual.

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