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HUF

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(Querist)
01 April 2009 there is a syaing by experts that for opening an account for HUF we shouldnt use own (any member of HUF) money rather it should be opened through borrowed money...WHY??

How we make such tax planning??
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
01 April 2009 Its only because, HUF money will be the asset of Whole member, rather then individual member.

If a member transfer his personal Asset to HUF, then it is just tansfering of one's white income to other which is of no use for IT purpose.

If we use borowed money, then HUF as a whole is liable for this.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
01 April 2009 i agree
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