Hello Friends,
Can the Karta of an HUF who owns a house property, show the income from house property in the name of the HUF instead of the individuals own name?
Please advice. Thanks
Sonam Bidasaria
(CA)
(770 Points)
Replied 19 March 2012
No, this cannot be done. By the time, the propoerty is owned by the person in his own name, income from such property cannot be taxed in the hands of HUF.
And if, assessee transfers it property to HUF, otherwise than for adequate consideration, then also teh income will be taxed in the hands of assessee purusant to Sec 64(2).
Sonam Bidasaria
(CA)
(770 Points)
Replied 19 March 2012
No, this cannot be done. By the time, the propoerty is owned by the person in his own name, income from such property cannot be taxed in the hands of HUF.
And if, assessee transfers it property to HUF, otherwise than for adequate consideration, then also teh income will be taxed in the hands of assessee purusant to Sec 64(2).
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