I want to know...that is it possible that a HUF assesse can have personal drawing to his name or not.
if yes...den what is logic nd law section behind this.
also is it possible for HUF to gift to others as normal assesse. ????
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Can a huf have personal drawings ??
Replies (1)
Reply to 1st Query- No, an HUF can not Draw the any sum, as per -IT ACT 1961, & clubbing provisions the same isnt possible, but it is possible subject to the "Sourse of Income of HUF", & if the karta of any member has provided any Service in "professional Capacity" and not in "Personal Capacity" the drawings i.e in the name of "Salary" is allowed to be Deducted. (Refer IT Act 1961, & Clubbing provisions Section 64 onwards).
2nd Query - No an HUF can not gift any kind of immovable property or Cash Gift to any person (members or elsewise), as per Clubbing provisions the same will be Clubbed in the hands of HUF.
But HUF can receive Gifts from members. and stragers as well.
the better option in case of gifting is the Give the Sum as "Unsecured Loan".
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