23 March 2022
I am Karta of HUF (Me , My wife and Daughter). Recently we have sold our old flat and Invested into new flat.
Both Flats are owned jointly by My wife and me. I paid my contribution to new flat using Capital gains from Old property And balance money using home loan. If I can transfer Balance amount (apart from capital gains) received from sale of old property to HUF account ? Will there be any Tax liability to me as Karta or Individual ?
24 March 2022
You can transfer your income to HUF a/c , but you cannot escape the tax liability on that income. Means you can only transfer the tax paid ( after tax) income. Yes, after transferring or gifting to HUF whatever income it genrerates will be considered as HUF's income and not yours.
CAclubindia
