If a big amount say Rs.Fourty Lakhs are transferred to HUF from individual Bank A/c by KARTA and invested in Mutul Funds in HUF due to lack of knowledge. ITR of both Individul and HUF filled separately in A.Y. 2022-23 Advice what will Happen ? and what should be done ?
Can Member of HUF allowed to make investment in HUF for its benefit ?
2 Replies
Adv. Ravish Bhatt, ADIT, CIOT
(Dual Qualified Lawyer/ Solicitor International Tax Affiliate CIOT)
(1110 Points)
Replied 22 August 2022
If the transfer made is treated as gift- Gift by member of HUF to HUF will be a gift from specified relative and not liable to tax.
However, clubbing of income provisions u/s.64(2) must be complied with.
If the transfer is treated as loan- No tax implication
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