Schedule AL incase of HUF

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DIVYESH JAIN (Querist)
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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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

DIVYESH JAIN

DIVYESH JAIN (Querist)
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27 June 2023 Incase of Gift from HUF will it be taxable to members

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 June 2023 Gift to members of huf not taxable.

DIVYESH JAIN

DIVYESH JAIN (Querist)
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27 June 2023 Ok Sir, Thank you for resolving my query.

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