Agricultural income in hands of huf
This query is : Resolved
13 February 2018
Dear Sir,
I have certain doubts for chargeability of Agricultural income in hands of HUF,
First - Agricultural land is owned by Individual and Agricultural income is shown in his IT return in previous years, Now HUF formed and he wants to consider all agricultural income under the head of HUF, can he do so even though the ownership of land is on name of Individual?
Second- If yes in above, then income earned by HUF from agricultural activity, can HUF give share to its member ? In such case member is labile to have tax on such share amount ?
I have certain doubts for chargeability of Agricultural income in hands of HUF,
First - Agricultural land is owned by Individual and Agricultural income is shown in his IT return in previous years, Now HUF formed and he wants to consider all agricultural income under the head of HUF, can he do so even though the ownership of land is on name of Individual?
Second- If yes in above, then income earned by HUF from agricultural activity, can HUF give share to its member ? In such case member is labile to have tax on such share amount ?
13 February 2018
if the ownership of land is in the name of Individual then the income cannot be shown under the HUF.
13 February 2018
I have read somewhere that to earn Agri income ownership is not necessary !
13 February 2018
As per Section 60, if the income is transferred without transferring the assets from which the income arises, then the said income is chargeable in the hands of transferor and shall be included in his total income
21 October 2021
1. No.
2. Not applicable.
2. Not applicable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
