Can a huf have personal drawings ??

2745 views 1 replies

I want to know...that is it possible that a HUF assesse can have personal drawing to his name or not.

if yes...den what is logic nd law section behind this.

also is it possible for HUF to gift to others as normal assesse. ????

 

Replies (1)

 Reply to 1st Query- No, an HUF can not Draw the any sum, as per -IT ACT 1961, & clubbing provisions the same isnt possible, but it is possible subject to the "Sourse of Income of HUF", & if the karta of any member has provided any Service in "professional Capacity" and not in "Personal Capacity" the drawings i.e in the name of "Salary" is allowed to be Deducted. (Refer IT Act 1961, & Clubbing provisions Section 64 onwards).

 

2nd Query - No an HUF can not gift any kind of immovable property or Cash Gift to any person (members or elsewise), as per Clubbing provisions the same will be Clubbed in the hands of HUF.
But HUF can receive Gifts from members. and stragers as well. 

the better option in case of gifting is the Give the Sum as "Unsecured Loan". 

 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details