Can an HUF gie Loan to its Karta or Coparceners or Members?
Can an HUF give Loan to its Karta/Coparceners/Members?
Kamal Jain (FCA) (200 Points)
19 October 2010
1 Replies
Neha
(Article)
(118 Points)
Replied 19 October 2010
Hello Mr. Kamal
HUF has its own identity, so it can give loan to its karta or members, but dat shud be acc to provisions of Income Tax Act ( Sec 269SS) i.e. it shud be by account payee cheque or draft if it is of Rs. 20,000 or more.
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