A family consists of (1)A 83 Year Old Male (Mr. X) (2) His Wife (3) Elder Son (4) Elder Son's Wife (5) Elder Son's Son (6) Elder Son's Son's Wife (7) Younger Son (8) Younger Son's Wife (9) Daughter (Widow) (10) Daughter's Elder Daughter (11) Daughter's Younger Daughter . All the Member's are residing in Gujarat . Mr. X wants to create HUF Entity .

Questions :-
(1) Mr. X would be the Karta but who would be the Co-parceners ?
(2) Who would be the Members of this HUF?
(3) Is it possible if Mr. X wants to include ONLY himself , his wife & his Younger Son in this HUF & appoint his Younger Son as the Karta ?
(4) In case Mr.X's Wife wants to create the Capital of this HUF by gifting portion of her own Assets (Bank Balance) to this HUF , will any Gift Tax have to be paid by the HUF or Mr. X's Wife , & if so ,what percent ?
(5) In case , Mr. X's Brother gifts funds to this HUF (to create it's Capital) , will any Gift Tax have to be paid & if so , what percent ?
(6)What would be the Share of each Co-parcener/Member in the Property/Income of the HUF ? Please explain clearly & seperately how the share will be in case of (i) Property & (ii) Income of the HUF .
(7) What will happen after Death of the Karta ?
(8) What would be the Tax Benefits of creating this HUF ?

Hi

Someone may please see the following queries and reply :

The Assessee (Individual) has raised 15 bills for Oct-Dec.

Out of 15 bills, 10 bills are for professional services and 5 bills are for reimbursement of govt. fees.

10 bills valued at Rs.1,00,000 (excluding Service Tax)
5 bills valued at Rs. 25,000

15 bills valued at Rs.1,25,000

Query1

In the field B1.1 Gross Amount – Is it appropriate to fill Rs.1,25,000 and

In the field B1.12 Any other amount claimed as deduction, please specify - REIMBURSEMENTS – Is it appropriate to fill Rs.25,000?

Hence, B1.14 NET TAXABLE VALUE shall be Rs.1,00,000


Ans : ……………….. Please confirm.


Query2

Please confirm, is it mandatory that the Assessee should report all his bills which also include reimbursements (like govt fees paid on behalf of client).

Ans : ………………..


Query3

What is this Field B1.9 Amount charged for exempted service provided?

Ans : ……………….. Please explain, if possible.


Thanks in advance for your replies.

Dear Experts,

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sir,i got professional fees sec.194j hence tds has been deducted in the p.y 12-13,i have already filed ITR 2 ,bt came to know that it was wrong itr filling,it would be ITR 4..so please tell me which form will be appropriate?And if itr4 is required to file then may i file ITR-4S as my prof.fees monthly 7ooo p.m please also tell the instruction of revised return and due date of last filling...thanking you

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