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Distribution of HUF Funds - Section 171, Income Tax

Issue Id: - 1758
Dated: 9-2-2010
By:- satbir singh wahi

Distribution of HUF Funds - Section 171


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huf has funds Rs.50 lacs. The family members want to distribute Rs.40 Lacs amongst them. Can they do so in view of section 171 of IT Act. Otherwise what remedy one has.

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1 Dated: 13-2-2010
By:- Rama Krishana
Partial partition is not allowed under section 171. If the members wants to use the funds of the HUF either partition the HUF completely in terms of section 171 or distribute loan after complying with the conditions of sections 269SS and 269T of the Income Tax Act, 1961.

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