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Clubbing of income

Tax queries 480 views 4 replies

Hello

 

Please suggest a way through tax planning so that a residential unit is transferred to HUF by karta as gift and rental income is not clubbed with income of Karta

 

Thanks

Replies (4)
please suggest.................
Although it is possible for a member of the HUF to transfer his or her individual assets to the HUF, such a transfer isn’t beneficial from the tax point of view. This is because there is no transfer of the tax liability on the income from such assets. The income would continue to be taxed in the hands of the individual who has transferred the assets, due to the tax provisions governing the clubbing of such income with the income of the transferor.
This is my understanding.. However if there is a way around I'll let you know

Thanks

 

yes please let me know


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