Can a huf receive remuneration from partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 April 2012 If a HUF admits in a partnershi[ firm and its karta is actively engaged in the affairs of firm. For the working of the Karta, Huf can receive remuneration from firm and what will be the tax position for the purpose of income tax in the hands of Karta, HUF & the firm.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 April 2012 In the return of HUF, Remuneration received from the firm can be shown under the head IFBP like Interest on Capital. In the personal return of Karta, it will not be included.
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Firm can claim the remuneration in accordance with the provisions of Section 40(b) .
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