Rajan Gumnani (Service) (114 Points)
15 August 2010
I want to know the implication of transferring fund from my account to HUF account.
Should I make a gift deed and What is maximum limit per year?
What is implication for Income generated on amount gifted to HUF? Does it attract clubbing provision?
Can my wife also gift part of her assets to HUF?
Dheeraj
(Learner)
(1100 Points)
Replied 15 August 2010
AS PER SECTION 64(2), INCOME FROM THE TRANSFER OF A SELF ACQUIRED PROPERTY BY AN INDIVIDUAL TO HIS HUF FOR INADEQUATE CONSIDERATION OR CONVERSION IS NOT CAONGD CONSIDERED AS THE INCOME OF HUF. IT WOULD BE INCLUDED IN THE INCOME OF OF THE INDIVIDUAL.
Rajan Gumnani
(Service)
(114 Points)
Replied 16 August 2010
Hi,
What happens If I gift cash? What is max limit and should I make the gift deed? Will this also attract clubbing?
Dheeraj
(Learner)
(1100 Points)
Replied 16 August 2010
IF THE AMOUNT PAID FROM INDIVIDUAL ACCOUNT IS ALREADY TAXED THAN U DONT HAVE TO PAY TAX ON THE SAME AMOUNT i.e EXEMPT IN THE HANDS OF HUF
Pragnesh
(Accountant)
(21 Points)
Replied 12 April 2015
Hi, i'm Patel Pragnesh
i'm an accountant if pvt ltd company. there are Two Company
(1) Tidan Forging Pvt Ltd
Partnership { Capital Share Father & Son }
Unsecured Loan { Father & Son }
(2) S.A.Industries
Propritership { Father HUF }
Lons & Adv. ( Two Son & Father }
Now, how can i transfer Fund ( Cash ) S.A.Ind. to Tidan
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