If a member contributed to the HUF out of his personal income, is there any benefit under the Income tax Act, 1961
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Huf
Replies (3)
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.
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