If a member contributed to the HUF out of his personal income, is there any benefit under the Income tax Act, 1961
If a member contributed to the HUF out of his personal income, is there any benefit under the Income tax Act, 1961
IN MY OPINION AS PER PROVISION 64 ANY PERSON CAN NEVER TRANSFER/ CONTRIBUTE HIS PERSONAL PROPERTY TO HUF
no an individual can transfer his property to huf...Income 4m the same will taxable in d hands of huf...clubbing is nt applicable...
I agree with Lalit.
You can transfer / gift assets to your HUF.
The only thing is it will be taxable in hands of HUF. But then there are ways and means to save this tax also.
CAclubindia
