Expenses of huf
This query is : Resolved
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
15 June 2014
business purpose test should be applied for determining whether such expenses are allowable or not.
16 June 2014
please explain in details
16 June 2014
If you want to claim the expenditure, it should be for business. No personal expenses is allowed as deduction.
16 June 2014
not for claim expenditure only to save capital of members
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.
17 June 2014
income earned by huf can be used for the house hold expenses of the family . please explain the house hold expenses
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
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Taxability of credit in canara bank ET & T section (NRO)
- Difff in ais receipts and gst turnover
- Banking Related Issue
- TDS on rent received on hardship compensation being rent on redevelopment of building
- NRI INSURANCE ADVISOR
- Traces submitting correction statement error
- Loss of interest in PF transfer from EPFO to Trust
- CLOSING STOCK QUERY
- F&O reporting in ITR
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
