Agency taken by huf
This query is : Resolved
30 June 2015
Dear Sir/Madam,
I want to know can a huf take an agency/distributorship of LIC/MUTUAL FUND etc. If yes only Karta may give an exam or any major member of give exam.
pls. suggest me
I want to know can a huf take an agency/distributorship of LIC/MUTUAL FUND etc. If yes only Karta may give an exam or any major member of give exam.
pls. suggest me
RAMESH KUMAR VERMA
(Expert)
30 June 2015
surendera ji,
HUF can take out LIC & mutual agency.
The income from property of HUF can be further invested in instruments such as shares, mutual funds, etc. and will be assessed under HUF.
The HUF is taxable as separate person under income tax hence one can save tax from basic exemption of Rs. 2.5 lakh. HUF will also gain from the tax slab structure of computing income tax.
Apart from basic exemption of Rs. 2.50 lakh, section 80C deduction up to Rs. 1.50 lakh is also available.
HUF can take out LIC & mutual agency.
The income from property of HUF can be further invested in instruments such as shares, mutual funds, etc. and will be assessed under HUF.
The HUF is taxable as separate person under income tax hence one can save tax from basic exemption of Rs. 2.5 lakh. HUF will also gain from the tax slab structure of computing income tax.
Apart from basic exemption of Rs. 2.50 lakh, section 80C deduction up to Rs. 1.50 lakh is also available.
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