if karta is gifting rs 500000 cash gift to his huf as capital,will the clubbing provisions of section 64(2) apply to income that will be earned by investing this 5 lakhs?
and if the clubbing provisions apply then please tell me how to introduce the capital in huf coz clubbing will defeat the purpose of creating huf.
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CASH By MEMBER TO HUF
Replies (2)
First of all cash transaction above > 2 lakhs is hit by 269ST
section 64(2) clubbing provisions apply to income arising out of 5 lakhs.
HUF can receive gift from ascendents as they are relative.
section 64(2) clubbing provisions apply to income arising out of 5 lakhs.
HUF can receive gift from ascendents as they are relative.
By cash gift i meant....through banking channels only....so 269st no problem
also i found a way out i can shown this 500 000 as loan by member to huf...this way i can avoid clubbing provison and save tax by using huf to invest in securities.
what do u think
also i found a way out i can shown this 500 000 as loan by member to huf...this way i can avoid clubbing provison and save tax by using huf to invest in securities.
what do u think
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