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ASHISH KUMAR
( Author )
29 August 2012
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In the Case of HUF, is salary drawn by karta is allowable u/s 44AD as salary drawn by partners from partnership firm i.e. in calculation of deemed income of 8% salary of karta would be included into net profit...
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CA Amit Jaiswal
( Expert )
29 August 2012
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There is no such rule for HUF as similar to 40(b).
If you can prove the genuineness of transaction, you can claim the salary.
All the Best.....
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ASHISH KUMAR
( Author )
30 August 2012
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thnx for your reply but i want to know that,is genuine salary of kata would be added back into net profit for calculation of deemed profit of 8% (as such in case of partnership firm salary of partners included into net profit for the calculation of deemed profit)....
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Soumitra Basu
( Expert )
02 September 2012
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You have to disclose profit 8% on turnover. No further salary shall be deductible for HUF from the profit.
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