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
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