Schedule AL incase of HUF
This query is : Resolved
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27 June 2023
Dear Sir,
I am filing Income Tax Return of an HUF wherein Total income of HUF has exceeded Rs. 50 lacs. Hence I need to fill Schedule AL for that. The HUF has transferred amounts of Rs. 1 lac each to its members during the financial year.
My query is do I need to show these transactions in Schedule AL as Loans and Advances given to the members of HUF or it does not form part of Schedule AL.
Please help me in this issue.
Regards,
Divyesh Jain
I am filing Income Tax Return of an HUF wherein Total income of HUF has exceeded Rs. 50 lacs. Hence I need to fill Schedule AL for that. The HUF has transferred amounts of Rs. 1 lac each to its members during the financial year.
My query is do I need to show these transactions in Schedule AL as Loans and Advances given to the members of HUF or it does not form part of Schedule AL.
Please help me in this issue.
Regards,
Divyesh Jain
27 June 2023
If it is loan, then naturally it will reflect in BS...
If gifted then it will not be part of Schedule AL.
If gifted then it will not be part of Schedule AL.
27 June 2023
Incase of Gift from HUF will it be taxable to members
27 June 2023
Gift to members of huf not taxable.
27 June 2023
Ok Sir, Thank you for resolving my query.
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