Karta given money to HUF

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538 Points Posted on 23 November 2023
Dear Sir, 1st time/at the opening Karta have given Rs . 15 lac to HUF a/c , HUF will pay tax on Rs. 15 lac. ? One HUF member have given Rs.8 lac. It is also taxable ? pls. solve.
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On 23 November 2023 at 16:44 Report
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Quick Summary
This discussion explores whether a Hindu Undivided Family (HUF) is liable to pay tax on funds gifted by its Karta and members at the time of its formation. The initial query concerns a Rs. 15 lac gift from the Karta and an Rs. 8 lac gift from a member. The consensus leans towards no tax liability if these are considered loans, but the Karta clarified they were gifts, prompting further clarification on taxability.

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Profession
28271 Points Posted on 24 November 2023
Pls post how many members are there in huf
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On 24 November 2023 at 13:22
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538 Points Posted on 24 November 2023
Three members with Karta
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On 24 November 2023 at 17:26
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Practising CA
8954 Points Posted on 26 November 2023
If its a loan advanced to HUF, then Nil tax.
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On 26 November 2023 at 04:27
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538 Points Posted on 28 November 2023
Dear Sir, Karta has given gift to HUF at the time of formation of HUF, not as loan, pls. HUF pay tax ?
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On 28 November 2023 at 17:26

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