huf
This query is : Resolved
02 December 2009
huf kisi firm me partner ban sakta he kya ?
lwa or koi exp. se samjao
lwa or koi exp. se samjao
02 December 2009
i think Karta of HUF may become partner in Firm. HUF can not become partner in firm.
02 December 2009
Under the Indian Partnership Act, 1932, any adult member of sound mind can become partner of the partnership. Such partner may be representing either HUF or any other entity or group of persons. However, as far as partnership under Indian Partnership Act, 1932 is concerned, it will recognize only the individual capacity of such partner. [Refer : (1998) 229 ITR 458 – Rashik Lal & Co. vs. CIT]
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