jaggu
asked over 3 years ago
Hi Friends, I am Jaggu. I am preparing for CA exam. I want to know, Will any clubbing provision apply in case of transfer of asset to Hindu Undivided Family (HUF) by its member?
Surbhi
answered over 3 years ago
Hi, As per section 64(2), when an individual, being a member of HUF, transfers his property to the HUF otherwise than for adequate consideration or converts his property into the property belonging to the HUF (it is done by impressing such property with the character of joint family property or throwing such property into the common stock of the family), then clubbing provisions will apply as follows: Before partition of the HUF, entire income from such property will be clubbed with the income of transferor. After partition of the HUF, such property is distributed amongst the members of the family. In such a case income derived from such property by the spouse of the transferor will be clubbed with the income of the individual and will be charged to tax in his hands.
veeru
answered over 3 years ago
As per section 64(2), when an individual, being a member of HUF, transfers his property to the HUF otherwise than for adequate consideration or converts his property into the property belonging to the HUF (it is done by impressing such property with the character of joint family property or throwing such property into the common stock of the family), then clubbing provisions will apply as follows: Before partition of the HUF, entire income from such property will be clubbed with the income of transferor.
HIMANSHU
answered over 3 years ago
As per section 64(2), when an individual, being a member of HUF, transfers his property to the HUF otherwise than for adequate consideration or converts his property into the property belonging to the HUF (it is done by impressing such property with the character of joint family property or throwing such property into the common stock of the family), then clubbing provisions will apply as follows: Before partition of the HUF, entire income from such property will be clubbed with the income of transferor. After partition of the HUF, such property is distributed amongst the members of the family. In such a case income derived from such property by the spouse of the transferor will be clubbed with the income of the individual and will be charged to tax in his hands.
ARJUN PRATAP SINGH
answered over 3 years ago
Dear Friend, as far as your query is concerned that Will any clubbing provision apply in case of transfer of asset to Hindu Undivided Family (HUF) by its member? Let me informed that As per section 64(2), when an individual, being a member of HUF, transfers his property to the HUF otherwise than for adequate consideration or converts his property into the property belonging to the HUF (it is done by impressing such property with the character of joint family property or throwing such property into the common stock of the family), then clubbing provisions will apply as follows: Before partition of the HUF, entire income from such property will be clubbed with the income of transferor. After partition of the HUF, such property is distributed amongst the members of the family. In such a case income derived from such property by the spouse of the transferor will be clubbed with the income of the individual and will be charged to tax in his hands. Hope answer was helpful to you Regards, Arjun Pratap Singh
