I am filing Income Tax Return of an HUF wherein Total income of HUF has exceeded Rs. 50 lacs. Hence I need to fill Schedule AL for that. The HUF has transferred amounts of Rs. 1 lac each to its members during the financial year.
My query is do I need to show these transactions in Schedule AL as Loans and Advances given to the members of HUF or it does not form part of Schedule AL.
CAclubindia
