Partition huf

Querist : Anonymous (Querist) 29 November 2011 This query is : Resolved
If my father give me liquid fund from his huf, than is the fund recd. in my ind. or huf capacity? if i invest it & earn somes, then is this income of my ind. or HUf. I am unmarried person.

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Raj Kumar Makkad (Expert) 29 November 2011
The liquidity given to your out of HUF funds is nor for your individual use rather for earning reward for the benefit of HUF.

Shonee Kapoor (Expert) 29 November 2011
Agreed with Mr. Makkad, unless it was a loan extended to you by HUF.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

A V Vishal (Expert) 29 November 2011
Dear All,

HUF status for tax purpose is attained only upon marriage, hence the share received by the querist is his Individual income and is assessed with his other sources of income.

Querist : Anonymous (Querist) 30 November 2011
thanx for advise.

Rajeev Kumar (Expert) 30 November 2011
Agree with Makkad

M/s. Y-not legal services (Expert) 30 November 2011
sorry experts, am confused by this query.,

prabhakar singh (Expert) 02 December 2011
@Tom!
only Mr. A V Vishal answer is correct.

Devajyoti Barman (Expert) 03 December 2011
Yes I agree..

Shonee Kapoor (Expert) 06 December 2011
I disagree with A V Vishal,

If the said funds were not in shape of loan and was used for gains of knowledge and used for any trade purposes, the gains from it would be HUF property.

Only if the said liquid funds were used for gains of knowledge, the funds can be called as loan/ contrinution of HUF in the growth of a member.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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