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INTEREST ON LOAN

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(Querist)
11 March 2010 DEAR EXPERTS,

IF KARTA OF HUF TAKES LOAN FROM HUF IS IT MANDATORY FOR HIM TO PAY INTEREST ON SUCH LOAN. CAN HUF GIVE INTEREST FREE LOAN TO KARTA. WHAT CAN BE THE EFECT AT THE TIME OF ASSESSMENT OF HUF.

REGARDS
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
11 March 2010 The loan should not be given from borrowed funds. If own funds of the HUF are used then there will not be any problem in the above loan
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CA Gangadhar Mishra

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CA Gangadhar Mishra (Expert)
12 March 2010 huf can give int.free loan to karta out of surplus fund.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Querist)
12 March 2010 DEAR EXPERTS,

PLEASE GIVE ANY SECTIONAL REF OR CASE LAWS.

THANK YOU.

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