I've just formed an HUF and a bank account in its name. Can I move 50lakh from my account savings account and make investment in the name of HUF? Would there be any tax implications for the HUF from this 50lakh transfer?
aditya awasthi (7 Points)
14 May 2022I've just formed an HUF and a bank account in its name. Can I move 50lakh from my account savings account and make investment in the name of HUF? Would there be any tax implications for the HUF from this 50lakh transfer?
CA Raj Doshi
(Practising CA)
(8903 Points)
Replied 14 May 2022
aditya awasthi
(7 Points)
Replied 15 May 2022
I see. Is it OK to give an interest free loan or do I have to charge some interest to avoid any complications in future?
CA Raj Doshi
(Practising CA)
(8903 Points)
Replied 15 May 2022
Yes you can charge some interest. That would be really ideal and good defence. May be even 6%
aditya awasthi
(7 Points)
Replied 15 May 2022
I don't want to charge interest unless i have to. I'm doing this to save tax and if it comes back I'll have to pay 30% tax.
If i have to do it, can I give a deferred interest loan i.e get interest in 20 years?
SC JAIN
(PARTNER)
(22 Points)
Replied 15 May 2022
CA Raj Doshi
(Practising CA)
(8903 Points)
Replied 15 May 2022
Under which section, can they add notional interest income ? It is very well possible to answer such question. Not to worry.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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