Tax on transfer/ gift of assets from individual to huf a/c
This query is : Resolved
24 July 2013
My father operates 2 a/cs . One as individual & other as Karta of HUF a/c . If he transfer / gift assets / secutities from his individual a/c to HUF a/c . Will there be any tax liability on any of these two a/cs ?
CA PARAS BAFNA
(Expert)
24 July 2013
There will be no tax liability.
.
The income from the assets transferred to HUF will be clubbed in the income of the transferor-member.
.
.
The income from the assets transferred to HUF will be clubbed in the income of the transferor-member.
.
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