The Higgs boson discovered at the LHC opened a new chapter for particle physics. Its properties need to be studied in detail to distinguish a purely standard model (SM) Higgs boson from one of many scalars in an enlarged Higgs sector. The CMS Collaboration has reported a possible signal for lepton flavor violation in h→μτ, which if confirmed, implies that the Higgs sector is larger than in the SM. New physics responsible for this type of decay may, in general, also introduce other observable effects such as charge-parity (CP) violation in h→ττ. We study two types of models that single out the third generation and can induce large h→μτ rates with different consequences for CP violation in h→ττ. Predictions for the size of the CP violating couplings require knowledge of the lepton Yukawa matrices and we discuss this in the context of two different textures considering all existing constraints.