Huf income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 February 2018
Salary Income or Agriculture Income (On Personal Name-not HUF Name) is allowed in HUF account, for Income purpose. ?
KAVIRAJA ADDANGADI
(Expert)
08 February 2018
No personal income can not be merged with HUF income. An HUF can earn income from all sources except salary. It can invest the initial corpus as well as gifts received, subsequently to start a business and earn profits or earn capital gains. Ancestral property held by HUF can be let out to earn rental income. In fact, the HUF arrangement especially suits taxpayers who have income from ancestral property and expect to inherit financial assets. Such taxpayers will be able to divert the inheritance to the HUF, thus preventing taxation on such income in their hands, at their maximum marginal rate.
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