Huf

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2013 1)father having 5 sons can he give Rs 3 lakh gift to sons HUF, where one son is karta and no other son member in that that HUF.
2) can person "A" give loan to HUF, in which he ( person "A") himself is karta.

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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15 November 2013 Under the Hindu Law, the karta of the HUF is vested with large powers.

With regard to your first query - if the father gifts the money from his own account - none can object. If he gifts it from a HUF of which he is the Karta, then the financial; status of the HUF is important, because a Karta has the right to decide how to dispose of HUF properties and cash is property.

The Karta of the HUF can give loan to his own HUF. The funds should be from the Karta's personal account and not the HUF's.

Querist : Anonymous

Querist : Anonymous (Querist)

16 November 2013 thanks very much.

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Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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19 November 2013 You are welcome