Induce money in huf

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CA Final Student
251 Points Posted on 05 July 2014

Hello,

 

 

Recently I have made an HUF of my father. HUf does not have any capital. Now my father wants to invest through HUF. He cannot gift as the income will be clubbed with my father. Please tell the ways in which money can be introduced in HUF.

 

 

Thanks

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On 05 July 2014 at 11:32 Report
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CA Final Student
251 Points Posted on 05 July 2014
reply.......................................
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On 05 July 2014 at 16:39
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Student as well as Self-employed
3853 Points Posted on 05 July 2014
1. If you have ancestral property and earning some income from this property, then it is better to transfer this asset to HUF and save tax up to exemption limit applicable to individual. 2. You can transfer the money received on sale of ancestral property /assets into your HUF. 3. gifts received on ocassion of marriage can be treated as asset of huf.
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On 05 July 2014 at 21:25
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CA Final Student
251 Points Posted on 06 July 2014
Whatelse? All these are not possible. He has no ancestoral property
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On 06 July 2014 at 18:20
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Accountant
201 Points Posted on 07 July 2014

Your Dad's HUF can receive gifts (receipts without consideration) from non- relatives. Receipts up to Rs. 50000/- will be exempt from tax. If amt exceeds Rs. 50000/- the whole of such receipts will be taxable as per the provisions of 56(2)(vii)

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On 07 July 2014 at 11:56
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Student as well as Self-employed
3853 Points Posted on 07 July 2014
then i think its better to take non-interest bearing loan from relatives..... use it for your huf and later repay it.
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On 07 July 2014 at 12:04

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