Member contribution to HUF

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..... Member contribution to HUF
Query (Issue) Started By: - CA Rachit Agarwal Dated:- 14-11-2010 Last Reply Date:- 25-11-2010 Income Tax
Got 2 Replies
Income Tax
Please clarify whether the con .....

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..... tributions made by members to its HUF, is taxable in the hands of HUF. Contibutions of the members is considered under the Capital Account of HUF. As HUF being the separate legal entity and being ass .....

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..... essed separately, and HUF not being the individual. Reply By B L Bhojwani: The Reply: 1. In the hands of the HUF, such contributions are covered under clause (v)/(vi)/(vii) of sub-section (2) of sec .....

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..... tion 56. 2. In the hands of the individual, i.e., the member of the HUF making the contribution, clubbing provisions under sub-section (2) of section 64 will be attracted. Reply By Rama Krishana: Th .....

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..... e Reply: I wish to endorse the view of my learned brother.
Discussion Forum - Knowledge Sharing .....

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