Income tax applicability for HUF & Personal PAN

Tax queries 139 views 3 replies

P@ssw0rd

Consultant

23 Points Joined June 2020

Hi,

What would be the income tax applicability for HUF & Personal PAN in below case?

I have 50L FD in my personal savings account. I transferred same to HUF account (my-self KARTA) & opted for FD under HUF account.

Do my HUF account need to pay income tax on 50L & interest accrued on 50L over period of Financial year?
or just income tax on interest accrued on 50L FD?

Do my personal PAN need pay any tax on 50L transferred or any interest accrued on same?

In short, would like to know income tax applicability for Personal & HUF PAN in above case.

Regards

Replies (3)

CS Advocate Abhishek Goyal

M Com FCS LLB M-AIMA

14043 Points Joined June 2009

in this case section 64 would apply and accordingly income from FD of Rs 50 Lakhs will be taxable in the hands of the individual himself as the same is transferred to HUF account.