15g for huf


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Querist : Anonymous

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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?

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

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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.

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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