Expenses of huf

Save Share

This query is : Resolved

brij bhushan gupta (Querist)

15 June 2014 sir , electricity bill of house which is my own name payment can paid from huf fund. please give examlpe of expenses which can paid by huf to members as travell bills yaga center bills also

CA UMESH DULAL

CA UMESH DULAL (Expert)

15 June 2014 business purpose test should be applied for determining whether such expenses are allowable or not.

brij bhushan gupta

brij bhushan gupta (Querist)

16 June 2014 please explain in details

CA UMESH DULAL

CA UMESH DULAL (Expert)

16 June 2014 If you want to claim the expenditure, it should be for business. No personal expenses is allowed as deduction.

brij bhushan gupta

brij bhushan gupta (Querist)

16 June 2014 not for claim expenditure only to save capital of members

CA UMESH DULAL

CA UMESH DULAL (Expert)

16 June 2014 capital will be build by showing profit not claiming expenses. If you want to build capital, you have to show profit not loss.

brij bhushan gupta

brij bhushan gupta (Querist)

17 June 2014 income earned by huf can be used for the house hold expenses of the family . please explain the house hold expenses

CA UMESH DULAL

CA UMESH DULAL (Expert)

17 June 2014 you can spent your money as per your wish. If you spent the money of huf for household expenses, it will be treated as drawing. Household expense are food bill, cloth, water bill, electricity etc

brij bhushan gupta

brij bhushan gupta (Querist)

18 June 2014 thaks a lot for proper guide , sir

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