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Huf

This query is : Resolved 
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(Querist)
02 February 2013 can huf become partner in partnership firm ? and what is taxation treatment of it ! can this income is clubb in the individual's income !
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
02 February 2013 The standard reply is " HUF" can become a partner in a firm through his Karta.
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The income is not clubbed.
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The HUF is liable for tax for the amount of interest on capital and remuneration to partner. It is accepted that HUF can receive remuneration from the firm as the same is linked with its investment in the firm.
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It is advisable , therefore, to contribute capital in respect of its share in the firm accordingly.
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