15g for huf

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 May 2014 An Huf recieves interest income from on his unsecured loans as rs 195000/- and Rs 55000/- from two different sources in a financial year ( Total annual income is 250000/-) and invests Rs 60000/- in PPF account of one of his member to avail 80c benefit.
Is the HUF eligible to file 15G?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 May 2014 no. by virtue of 197(1B) Form 15G/15H cannot be used where the income received is in excess of the maximum exempted limit even if the overall tax liability is nil.

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Querist : Anonymous

Querist : Anonymous (Querist)

19 May 2014 with reference to my above query and your response, wrongly we have used form 15G for the financial year 2013-14.
How can we reactify now and wheather we have to pay any penality for that.
pl suggest.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 May 2014 just leave it as it is. file your tax return properly and ensure that you dont repeat this mistake in future..

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