HUF Funds can be used for what purpose?

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  1. R N Mittra

    R N Mittra New Member

    The HUF earning can be used / spent legally for what purposes.
     
  2. rudrabose

    rudrabose Active Member

    They can be spent for any purpose.

    It is the income of the HUF and they have paid tax on it and it is at the discretion of the Karta and the HUF Members to decide the purpose for which to use these funds.

    The Govt does not have any role in that
     
  3. R N Mittra

    R N Mittra New Member

     
  4. R N Mittra

    R N Mittra New Member

    Thank you very much Mr. Bose. A clarification please. Is it necessary that all inward and outward money flow from HUF a/c must be by cheque only and no cash transaction (cash w/d by cheque as not allowed by IT.
    Namaskar.
     
  5. rudrabose

    rudrabose Active Member

    It is not necessary to make all inward and outward transactions by cheque.

    They can be in cash as well.

    However, they should be reflected in the Balance Sheet and P&L A/c of the HUF
     
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