HUF
This query is : Resolved
01 August 2009
Dear Experts,
Some one from our CA Club answer my query that Individual having HUF a/c can Give or accept commission on sales. But rightnow I have come to know from my circle that Individual having HUF a/c can not give or accept commission on sales as it is a 'Trust' & 'Trust' can not generate Income.
Now I am confused. Pls tell me in detail about HUF. In above case it is possible or not for commission?
Thanks.
Some one from our CA Club answer my query that Individual having HUF a/c can Give or accept commission on sales. But rightnow I have come to know from my circle that Individual having HUF a/c can not give or accept commission on sales as it is a 'Trust' & 'Trust' can not generate Income.
Now I am confused. Pls tell me in detail about HUF. In above case it is possible or not for commission?
Thanks.
01 August 2009
Hi,
HUF can give or accept commission on sales. HUF is a seprate entity from its members in Income Tax. It is just like a company. As company can give or accept the commission similarly HUF can also. HUF is a group of people( commonly known as family ) from common ancestral.
HUF can give or accept commission on sales. HUF is a seprate entity from its members in Income Tax. It is just like a company. As company can give or accept the commission similarly HUF can also. HUF is a group of people( commonly known as family ) from common ancestral.
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