Huf faq's - please answer
This query is : Resolved
CA Raj Doshi
(Querist)
24 November 2014
1.What type of incomes Huf can earn except rent on inherited property and commission Income? 2.Can huf do business i.e trading of goods? 3.Can huf be registered as a dealer under mvat ? 4.The turnover limit for registration under mvat says " turnover of taxable goods is Rs.1000 or more - What does it mean ? "
Amol S Joglekar
(Expert)
24 November 2014
01. Except the one involving the expertise of individual/personal nature, HUF can earn any income.
02. HUF can do business
03. It can be registered under Mvat
04. If you are not having any taxable turnover, you can go for VOLUNTARY registration.
02. HUF can do business
03. It can be registered under Mvat
04. If you are not having any taxable turnover, you can go for VOLUNTARY registration.
Rupesh Jain
(Expert)
25 November 2014
HUF can do the business or any work to earn the income through karta.
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