05 December 2014
Dear Sir/mam Karta of huf transfered his property in huf without consideration my query clubbing provision is applicable in the hands of Karta plz suggest how we can save from tax liability of karta
06 December 2014
As per Section 64(2) of the Income Tax Act, 1961 where any property belonging to an individual member of a HUF is transferred to the HUF without adequate consideration then income arising from such property shall be deemed to arise in the hands of the individual and NOT the HUF.
CAclubindia
