HUF Firm clarity on Loan distribution
This query is : Resolved
25 April 2023
Hi;
Being a Karta of HUF; I understand if I close the HUF; i have to equally divide the amount to all My family members under this HUF; however My query is if currently My HUF is running normally and internally I want to give loan to my members; do I need to equally divide or it can vary ? ex: I have 10 lakhs; Wife: 5 lakhs; 1st Son: 2 Lakhs and 2nd Son: 3 Lakhs ?
Being a Karta of HUF; I understand if I close the HUF; i have to equally divide the amount to all My family members under this HUF; however My query is if currently My HUF is running normally and internally I want to give loan to my members; do I need to equally divide or it can vary ? ex: I have 10 lakhs; Wife: 5 lakhs; 1st Son: 2 Lakhs and 2nd Son: 3 Lakhs ?
25 April 2023
By giving loans, the HUF will not be closed, and as such there will not be any such restrictions. Means, you can give loan/s as per requirement of member/s.
25 April 2023
Thanks Dhirajji for your response.
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25 April 2023
You are welcome.
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