Huf query very urgent
This query is : Resolved
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
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
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
- 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
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.
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.
05 November 2015
it will be taxed in the hands of HUF.
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