HUF file return for period 2015-2016 and 2016-17 of Rs 250000 each .now what will tax treatment if HUF
1- Gave interest free loan to any member of rs 300000
2- gifted cash Rs 300000 to any member through cheque
sidhigiri (Ipcc) (236 Points)
20 February 2018HUF file return for period 2015-2016 and 2016-17 of Rs 250000 each .now what will tax treatment if HUF
1- Gave interest free loan to any member of rs 300000
2- gifted cash Rs 300000 to any member through cheque
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161021 Points)
Replied 21 February 2018
1. No tax liability
2. HUF cannot Gift, unless in case of family welfare, marriage of daughter etc.
sidhigiri
(Ipcc)
(236 Points)
Replied 26 February 2018
BUT SIR AGGER SCRUTINY HUA TO AO INTT FREE LOAN PE KUCH OBJECTION NHI KAREGA ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161021 Points)
Replied 26 February 2018
HUF can give interest free loan to its member for the walfare or benefit of the family and/or any of its member.
CAclubindia
