CAN HUF OPEN PROPRIETORY CONCERN AND HAVE PROFESSIONAL INCOME ??? IF YES, THEN PLEASE PROVIDE ANY CASE LAW IN SUPPORT TOF THIS MATTER ??
Sameer Vineshbhai Mehta (A.C.A. C.S.) (31 Points)
23 May 2012CAN HUF OPEN PROPRIETORY CONCERN AND HAVE PROFESSIONAL INCOME ??? IF YES, THEN PLEASE PROVIDE ANY CASE LAW IN SUPPORT TOF THIS MATTER ??
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 23 May 2012
Yes ,
His proffessional income is taxable in his Individual capacity not in HUF status.......!!!!!!!!!!!!!
Sameer Vineshbhai Mehta
(A.C.A. C.S.)
(31 Points)
Replied 23 May 2012
Mr. A is the karta of the ABC HUF.and HUF is runnning ABC & Co.
Income from profession is credited to the current account of the HUF and seperate books of accounts is manintaned
then this income is of HUF or karta ???
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 23 May 2012
Income taxable in individual capacity only....!!!
If it is credited to Current a/c of HUF..then it will be treated as capital introduced and credited to Capital a/c in HUF business.
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