Gift to huf....
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2011
My client is in Jewellery Business...
He lends money on Gold...
He has created a HUF and wishes to do the lending business in the name of HUF...
The HUF is created by Rs 25,000 received as Gift from Karta's sister...
Now since more money is required to do the business, how can i create the wealth of the HUF???
Can the member's of the HUF gift money to the HUF???
Is the income received on those gifts taxable in the hands of the Individual..???
Please advise any other factors which u think fit for the above case...
Thank You...
He lends money on Gold...
He has created a HUF and wishes to do the lending business in the name of HUF...
The HUF is created by Rs 25,000 received as Gift from Karta's sister...
Now since more money is required to do the business, how can i create the wealth of the HUF???
Can the member's of the HUF gift money to the HUF???
Is the income received on those gifts taxable in the hands of the Individual..???
Please advise any other factors which u think fit for the above case...
Thank You...
28 July 2011
Dear sir,
As per my knowledge on HUF, HUF can start business from their own funds created/received from HUF property. Otherway is to get fund from gift or from income of HUF. HUF members can give gift to HUF and non members also can gift to HUF by way of a proper gift deed declaring that it will be a gift to HUF.
As per my knowledge on HUF, HUF can start business from their own funds created/received from HUF property. Otherway is to get fund from gift or from income of HUF. HUF members can give gift to HUF and non members also can gift to HUF by way of a proper gift deed declaring that it will be a gift to HUF.
28 July 2011
Take interest free loan from the family members of the HUF. Gift from members of HUF is not advisable.
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