Taxable Income when HUF in consideration?

POSTED BY Abhisek ON February 3, 2011 11:29 am ONE COMMENT

1) I am karta of our Family’s HUF. I had extra funds in my account which i parked in the HUF Account as Loan so as to get Interest in HUF Account. Please let me know under whose file will it be taxable.

2) My mother (getting remuneration as director in pvt. ltd.) is planning to buy a House. In case she makes part of the payment from her account and part of it from our HUF Account, in whose file will the Rent Income be taxable? Or will it be proportionately taxable? Also, what if we make the payment from the HUF account and get the House registry in her name? Also, who will get the benefits of 80C for Stamp duty in the various cases mentioned? (No Loans taken)

One reply on this article “Taxable Income when HUF in consideration?”

  1. Dear Abhishek, Please clarify – You mean to say you have given own money as loan to HUF account?

    As the property ‘ll be owned by Mother, the rental income ‘ll be her only & HUF’s role ‘ll not come into picture. On part of calculation, your mother has the option to treat the HUF amount as loan to her & may pay interest on this & this interest ‘ll be available to her for tax benefit.

    Thanks

    Ashal

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