HUF

You can transfer the amount to karta and it can be treated as interest free advance

Any fund transferred from HUF to its members shall be treated as advance only unless the amount is less than Rs. 50,000/- which is not taxed.

Dear Sir,

It is very well possible for the HUF to make gift to any member of the HUF to reasonable extent with the consent of the members/coparcener. It will not be taxable in the hands of members. Members will have to show it in their income tax returns.

In case of gifts to members of the HUF, it is advisable to have the gift deed drafted in such a way so as to incorporate the consent of all the members in the gift deed itself so that there is no problem in the future challenging of the gift from the members themselves.

Please feel free to revert in case of any issues.

Thanks and Regards

Abhishek Dugar

CA CS B.Com

Yes you can trf the amt to Karta as the income is tax paid. The Income belongs to coparceners and karta is also co parceners. It is income from Huf for karta and exempt u/s 10.

Yes you can transfer according to their Shares if any decided. No it will not be construed as gift and not taxable.

It can be taken as loan from HUF apart from your own share.

Hi

Any sum received by the karta / member from the HUF is exempt from tax. This is irrespective of the money being given, so long as the money is being transferred out of the income declared by the HUF.

As far as documentation is concerned, ensure that the consent of all the members is taken and the money is transferred based on a written agreement / deed.

Regards

Keerthiga Padmanabhan

M.Com., CA, LLB

Hello Sir,

You can very well transfer the funds to all the members of the HUF.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP