If a member contributed to the HUF out of his personal income, is there any benefit under the Income tax Act, 1961
Huf
Arun P (CA) (44 Points)
07 December 2011
3 Replies
CA Ragini
(CA)
(405 Points)
Replied 07 December 2011
IN MY OPINION AS PER PROVISION 64 ANY PERSON CAN NEVER TRANSFER/ CONTRIBUTE HIS PERSONAL PROPERTY TO HUF
CA LALIT WADHWA
(FRESHER)
(105 Points)
Replied 07 December 2011
no an individual can transfer his property to huf...Income 4m the same will taxable in d hands of huf...clubbing is nt applicable...
Prof. Bajaj
(Author Mentor Motivational Speaker Wealth Planner)
(7375 Points)
Replied 10 December 2011
I agree with Lalit.
You can transfer / gift assets to your HUF.
The only thing is it will be taxable in hands of HUF. But then there are ways and means to save this tax also.
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