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Huf (Income Tax)

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This query is : Resolved



( Author )
04 February 2012

Can HUF earn income from other source like commission or brokerage?


CA. Hari Kishan

( Expert )
04 February 2012

Incase of HUFm, should the HUF carry out any business and pursuant to that or in the course of business HUF earns commission it shall be permissable.

However if it not pertaining to business and just a commission, i am of the opinion that commission or brokerage income cannot arise to a HUF as the income cannot be fixed to HUF rather it shall be a Individual income.


CA PARAS BAFNA

( Expert )
04 February 2012

COMMISSION INCOME OR BROKERAGE INCOME IS NOT- INCOME FROM OTHER SOURCES.
.
IF THE HUF IS RUNNING BUSINESS OF COMMISSION AGENTS IN A PROP. FIRM NAME, IT IS ALLOWED TO DO SO.
.


Dinesh

( Author )
04 February 2012

From Whom HUF can get gifts ? and how much?


Hardik Bunha

( Expert )
04 February 2012

Commission income and brokerage income is not eligible income for HUF.

For eligiblity commission and brokerage income needs special skills.

Huf is a hindu undivided family here special skill not required.


CA. Hari Kishan

( Expert )
05 February 2012

HUF can receive gifts from anybody. Anybody can receive gift from anybody..

However in the hands of HUF gifts shall be taxable for any amount received above 50000 as no one shall qualify as a relative to HUF.


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