TaxTMI 
TaxTMI 
Member contribution to HUF
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....ember contribution to HUF<br> Query (Issue) Started By: - CA Rachit Agarwal Dated:- 14-11-2010 Last Reply Date:- 25-11-2010 Income Tax<br>Got 2 Replies<br>Income Tax<br>Please clarify whether the cont....
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....ributions 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 asse....
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....ssed 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 sect....
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....ion 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: The....
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.... Reply: I wish to endorse the view of my learned brother.<br> Discussion Forum - Knowledge Sharing ....