Huf as a partner??
This query is : Resolved
CA BASANT SINGH
(Querist)
29 April 2018
CAN HUF BECOME A PARTNER IN PARTNERSHIP FIRM FOR INTEREST ON CAPITAL & PROFIT SHARING???
CA R SEETHARAMAN
(Expert)
29 April 2018
To become a partner in a partnership firm, the partner should be a natural person or recognized as person by the law (Company - by virtue of Companies Act 2013). Since, HUF is not a "person", but only group of persons belonging to the same family and carrying on the family business, HUF cannot be a partner in a partnership firm.
Prakash Kochar
(Expert)
01 May 2018
Karta of HUF may be partner as representative of HUF. Remunaration if any received as per term that will be assessed in hands of Karta Individual, but interest on capital and share income will be assessed in hands of HUF.
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