Huf query very urgent

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This query is : Resolved

CA JINAL SHAH (Querist)

03 November 2015 ABC HUF IN WHICH THERE ARE 2 MEMBERS, X KARTA AND Y OTHER MEMBER.(BOTH ARE HUSBAND WIFE)

MY QUERY
1.CAN X(KARTA) ON BEHALF OF HUF ENTERED IN PARTNERSHIP WITH ANY INDIVIDUAL. IF YES WHETHER INCOME SUCH AS INTEREST, SALARY AND PROFIT RECORDED IN THE BOOKS OF HUF?

2.IS THERE ANY RULE THAT IF IN A HUF THERE IS ONLY 1 COPARCENERS THEN INCOME OF HUF WILL BE ASSESSED IN THE BOOKS OF KARTA AND NOT IN HUF.

REPLY MY QUERY EARLY HIGHLY APPRECIATED

THANKING YOU

Amol S Joglekar

Amol S Joglekar (Expert)

03 November 2015 An HUF directly or indirectly cannot become a partner of a firm because the firm is an association of individuals.

- See more at: https://taxguru.in/corporate-law/huf-cannot-be-a-partner-in-firm-but-it-is-competent-to-the-manager-or-karta-acting-on-behalf-of-the-huf-to-enter-into-a-valid-partnership.html#sthash.aP21ftVR.dpuf

CA JINAL SHAH

CA JINAL SHAH (Querist)

04 November 2015 Dear Sir,

Please also advice if in a huf there are only two members,(Husband & wife) then whether income from HUF is assesable in the books of HUF or Individual(Karta).

Please also refer 223 itr 45 cit vs Arunkumar Jhunjhunwala and sons case.

Amol S Joglekar

Amol S Joglekar (Expert)

05 November 2015 it will be taxed in the hands of HUF.

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