HUF - Proffessionals
This query is : Resolved
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Viswanatha Raju
(Querist)
05 July 2023
Is the income from proffessional service ( Tution classes etc. which comes under presumptive tax) of the KARTHA of HUF be received in HUF Bank account and shown in ITR of HUF PAN and pay tax accordingly?
05 July 2023
No, any professional activities of Individual cannot be part of HUF.
Viswanatha Raju
(Querist)
05 July 2023
Thanks Sir. One more query. Can the Kartha transfer his funds from his individual Savings Account to HUF account and create FD in HUF ?
05 July 2023
Yes. But in case of gift, the interest earned over the FD will be clubbed in the hands of Karta.
Viswanatha Raju
(Querist)
05 July 2023
Thank you very much.
05 July 2023
Most welcome.
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