Sec 24, 56, 64 of Income-tax Act [Senior Citizen]

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  1. Mukesh_R

    Mukesh_R New Member

    A Senior Citizen (retired from work), forms an HUF with himself as Karta.
    1. After tax, how much can he transfer to HUF?
    2. Can he transfer the retirement corpus funds to HUF?
    3. Can HUF accept funds from Co-parcener or members of HUF, if so, whats the limit?
    4. If a property belong to HUF (Sec. 24 in detail) are the below acceptable:
      1. Rent from property transferred to HUF account
      2. Karta & Family pay's rent to HUF account, and claims HRA
    5. If a property belong to a individual who is a member of HUF (Sec. 24 in detail) are the below acceptable:
      1. Rent from property transferred to HUF account
    6. HUF established 2014, can the gift accepted previous years say from 2000, each year 50000 can be accounted into the HUF account?
    What are the other sections of IT Act that discusses the income other than salary for HUF?
     
  2. VAIBHAV DILIP RANE

    VAIBHAV DILIP RANE Active Member

    @Mukesh_R sir,

    You are requested to consult and appoint a C.A. for your concern. To avoid future mistake.
     
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