House rent paid by HUF bank account
This query is : Resolved
22 April 2023
If i pay house rent to my owner by my HUF bank account; can it be considered under tax free income ?
22 April 2023
Its expenditure to you, where is the question of income?
Does the bank reimburses it?
Does the bank reimburses it?
22 April 2023
Sir,
Rent paid is tax free under HRA. only the clarity required is related to rent paid for family accomodation from HUF is tax free ? please elaborate
Rent paid is tax free under HRA. only the clarity required is related to rent paid for family accomodation from HUF is tax free ? please elaborate
22 April 2023
Please mention what are the tax drawables/expenditures from HUF bank accounts can be considered exclusion from Income/Tax free
22 April 2023
Rent paid by HUF acc is not tax free.
HRA received by individual employee is exempt to certain extent.
HRA received by individual employee is exempt to certain extent.
22 April 2023
None of the expenditures except that u/s. 80D, 80DD, 80DDB & 80G are exempted for HUF.
Investment made as per sec. 80C can be claimed under IT act.
Investment made as per sec. 80C can be claimed under IT act.
23 April 2023
https://incometaxmanagement.com/Pages/HUF/27-Drawings-Expenses-of-HUF.html#:~:text=Expenses%20on%20rent,Expenses%20on%20Electricity%20bill
23 April 2023
The article states that the HUF can EXPEND these many expenditures for any member/s of its family, from the corpus fund of HUF, but it doesn't mean they are tax exempt to HUF or it reduce any tax liability of HUF.
For example HUF can pay house rent for any member of its family, but it cannot claim HRA. HRA is tax exempt to individual earning salary income, which an HUF cannot earn. So, the amount gets reduced from its corpus.
On the contrary, the article specified that the expenditure incurred by HUF is not taxable income in the hands of its member/s. So, the member can enjoy it as tax free gift, but cannot claim its exemption against taxable income.
For example HUF can pay house rent for any member of its family, but it cannot claim HRA. HRA is tax exempt to individual earning salary income, which an HUF cannot earn. So, the amount gets reduced from its corpus.
On the contrary, the article specified that the expenditure incurred by HUF is not taxable income in the hands of its member/s. So, the member can enjoy it as tax free gift, but cannot claim its exemption against taxable income.
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
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Eway bill for machinery reparing
- TDS ON CASH WITHDRAWALS...
- Form 10BD Filling
- Registration as Authorised Representative of minor
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
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
