Income from capital gainns

The karta gave a loan to the HUF from his personal funds. The money then belongs to the HUF only and it is upto the HUF after selling shares to pay the capital gains tax. The loan has to be repaid but since the transaction is done by the HUF as property of the HUF it becomes taxable only in its hands and not the karta. 
 

The above is subject to a full scrutiny of the facts of your case.

Refer:  Clubbing of Income & HUF [Section 64(2)] of IT act...

I don’t think section 64(2) is applicable here. Loan is not property converted by karta into joint family property, it is a liability and has to be repaid. Assuming the karta has taken consent of other members/coparceners, in my view, the amount is taxable in HUFS hands only since the loan was utilised towards investment resulting in capital gains. If the other coparceners allege that the karta wrongly exercised power by investing etc they may file a civil suit but tax liability is upon the HUF only.