Formation of huf and clubbing provisions ?
This query is : Resolved
08 August 2013
one of my client is a salaried assessee falling in 30% slab rate. His family includes wife and minor daughter.
he wants to form a HUF and make investments in the name of HUF.
He will gift salary income to HUF and HUF will invest in FD/MF/shares etc.
MY question :
1. whether clubbing provisions will be attracted on the income earned by HUF ?
2. Is this planning advisable ?
waiting for the views of the experts.
Thanks in advance.
he wants to form a HUF and make investments in the name of HUF.
He will gift salary income to HUF and HUF will invest in FD/MF/shares etc.
MY question :
1. whether clubbing provisions will be attracted on the income earned by HUF ?
2. Is this planning advisable ?
waiting for the views of the experts.
Thanks in advance.
08 August 2013
PLEASE REFER SECTION 64(2).
YOU WILL FIND THAT THE INCOME IS CLUBBED.
.
THE PLANNING WILL GIVE ITS IMPACT AFTER A PERIOD WHEN THE INCOME DERIVED FROM SUCH INVESTMENT START TO GENERATE CERTAIN INCOME.
SUCH "INCOME FROM INCOME" WILL NOT BE CLUBBED.
.
YOU WILL FIND THAT THE INCOME IS CLUBBED.
.
THE PLANNING WILL GIVE ITS IMPACT AFTER A PERIOD WHEN THE INCOME DERIVED FROM SUCH INVESTMENT START TO GENERATE CERTAIN INCOME.
SUCH "INCOME FROM INCOME" WILL NOT BE CLUBBED.
.
Message likes :
1 times
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
- Cgst asmt - 10
- RELATED TO ITR OF POLITICAL PARTY
- CAN a GSTIN registered under rule 14A opt for composition scheme without withdrawal from rule 14A ??
- E-Invoice applicability related question
- Account records AI tool maintained question
- APPEAL-INCOME TAX
- REFUND OF TDS CLAIM
- How to file form ITR-B Detailes manner as per rule 12AE income tax rules,1962
- Charity work ISD
- Employee claim Expnese Invoices
- Fy 22-23 --> tyed more in gst 3b vs 2b, any interest?
- INCOME TAX QUERY FY25-26()\
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- GST ON PERSONAL MOTORCAR SOLD
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
