Business change accepted in I.t. act
This query is : Resolved
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.
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.
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.
2 Transfer as gift to wife or son acceptable. Such business income of wife will be clubbed.
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