Go AD-Free with CAclubindia Pro and get Daily WhatsApp Updates. Subscribe Now!

Business change accepted in I.t. act

This query is : Resolved

Kollipara Sundaraiah (Querist)
Follow

27 July 2020 Assess two business maintained in individual status.two business Annual turnover rs.38 lacs +rs.30 lacs total rs.68 lacs in f.y.2019-2020.turnover above 40 lacs threshold limit gst registered applicable.
Question:
1.Assess 1st or 2nd business change from individual status to huf status transferred
2. Assess business transfer wife or son accepted under I.t. act f.y.2020-
2021.
Above two options accepted under I.t. act.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

27 July 2020 1 Tranfer to HUF status not acceptable.
2 Transfer as gift to wife or son acceptable. Such business income of wife will be clubbed.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Manish Tiwari

rajkumar yadav

THUSHAR MURALI KRISHNA

Abhishek Kabra

ASHOK KUMAR TEKURU

Subscribe Now

Quick Links

Browse by Category

Latest Job Openings

View all

Featured 02 May 2026

Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details

Featured 29 April 2026

Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details

Featured 14 April 2026

GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details

Featured 13 April 2026

GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details

Featured 28 March 2026

Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details

Featured 28 March 2026

CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details

Featured ARTICLESHIP 19 March 2026

Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details

Featured 14 March 2026

Associate CA

N N V Satish&co

Hyderabad

View Details