I have FD income as other income, and as per 26AS form I pay the applicable tax as per my slab. After paying the taxes , can I now transfer the other income to my HUF as a gift ? Is this allowed ?
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After paying tax can i transfer other income to huf as gift.
Replies (1)
Once tax is paid, the amount is called capital....... and not other income.........
Now, you can gift any amount (of capital) to your HUF....... no tax liability...........
But be aware, as per clubbing provision (sec. 64(2) of IT act) any income generated by HUF out of the gifted amount will be assessed in your hand !!!
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