Money withdrawn by karta from huf
This query is : Resolved
24 August 2011
Since the money given as gift by huf to member is taxable in the hands of the member, i want to transfer the money from huf to karta and then karta gifts the money to the member in his individual capacity., which will be tax free.
Is this possible? can the karta withdraw money from huf out of his own will which will be non taxable?
Is this possible? can the karta withdraw money from huf out of his own will which will be non taxable?
Aditya Maheshwari
(Expert)
24 August 2011
Do full partition of the HUF and distribute the assets as per your wish would be the best option for you.
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