gift by HUF

This query is : Open

priyanshi (Querist)
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10 February 2009
Can HUF gift the amt standing at the name of their ex-karta to the present Karta's Son.....

will it be shown as loan to him from HUF or their will be any other treatment possible ??????

plzzz answer...its urgent....

thanx

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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10 February 2009 The HUF concept is that the existing members will share the total funds equally.

In your case you are using the ex-karta's amount standing in his name which cannot exist.

Kindly give the proper details so that your question can be answered.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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10 February 2009 I assume it is a gift from individual books of ex-karta to present karta's son.
if it is so, then there is no problem.

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priyanshi

priyanshi (Querist)
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13 February 2009 thanx 4 replying...

amt standing at ex-karta's name is Rs 110000 and
karta's son is constructing a building on land owned by him and karta wants to use the abovementioned amt for the purpose of construction by way of gift or loan to his son....

so i want to knw whether he can do so or not???
if not then is their any other alternative.......