Huf income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2014 Hi !

I am into IT business. I have created HUF account with my family members. My question is what kind of income i can earn & show under HUF account ?

Thanks in Advance

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 March 2014 You can show ANY income. However, please ensure that you DO NOT show income from IT business. Otherwise clubbing provisions will apply.

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Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2014 Thanks for reply . Can i show IT consultancy as it is different then development

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 March 2014 It is a risky situation, since they relate to the same field.

Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2014 Ok thanks , In this case since i also deals with stocks , can i take consultancy charges from my IT company for portfolio management ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 March 2014 What is the nature of your company? Proprietorship, partnership or company?

Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2014 Proprietorship Company Offers Web Development services

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 March 2014 Then how can you give consultancy to yourself??

You CANNOT claim consultancy expenses against income from shares.

Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2014 You are right. My HUF is offering stock market consultancy
to me and i invest through HUF and pay fees to HUF . Is this possible?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 March 2014 Yes this is possible. There is no issue in this transaction.

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