loan for huf

shivmangal (Querist) 11 August 2010 This query is : Resolved
Can HUF take loan from its own member on interest

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AMIT BAJAJ ADVOCATE (Expert) 11 August 2010
yes can be done

shivmangal (Querist) 12 August 2010
sir
what is the authority under which we can do so

sanjeev kumar goel (Expert) 15 August 2010
Dear Shivmangal, in the eye of law HUF is separate entity which is entirely different from the entity of its members or coparcners. Members or coparceners of HUF have their individual entity. so both HUF and its members are separate. Hence HUF can accept or give loan from its members or to the members irrespective of interest. you may or may not charge interest on loan. even huf can accept or give gifts to it members or vice versa.

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