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Clubbing of income.........

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 August 2011 CAN INCOME OF AN INDIVIDUAL AND HUF CAN BE CLUBBED?
CONSIDER FOLLOWING IN DETAILS:-
MR.A HAS SHARE TRADING BUSINESS AND HAVING A LOSS OF 20 LACS AND ALSO HAVING AN HUF DOING SHARE TRADING BUSINESS EARNED PROFIT OF RS.4 LACS........
THE FACT IS THAT HUF HAS NOT PUT MARGIN BUT THE TRADING IS DONE ON THE BASIS OF MARGIN OF INDIVIDUAL.........
CAN IT BE CONCLUDED THAT INCOME EARNED BY HUF IS OF INCOME OF AN INDIVIDUAL?
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VISHRUT

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VISHRUT (Expert)
27 August 2011 No,
It can not be clubbed
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