Fixed Deposit in HUF
This query is : Resolved
01 March 2010
If someone creates a HUF and transfer money to HUF and invest in FD to earn Interest, can there be some issue from Income tax point of view.
There is no other business/Investment of HUF.
Is there any possibility of clubbing of Income with Karta?
There is no other business/Investment of HUF.
Is there any possibility of clubbing of Income with Karta?
01 March 2010
Yes, because it is diversion of income.
But future earning out of interest will be taxed in the hands of HUF.
But future earning out of interest will be taxed in the hands of HUF.
01 March 2010
Thanks Surendra..
But I want to add that this is tax paid income of Karta in the same year which he had earned from Salary, still can clubbed?
But I want to add that this is tax paid income of Karta in the same year which he had earned from Salary, still can clubbed?
03 March 2010
A karta can add his personal assets into the HUF pot.The HUF will be seperate entity and the individual will continue with his separate identity.The provisions of S 56(2) wrt gifts may apply in the year of receipt.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
