huf's capital
This query is : Resolved
BIPIN THAKKAR
(Querist)
17 May 2011
if any huf having receieves taxable gifts in previous years how can he show them in opening capital? this is huf's personal return
U S Sharma
(Expert)
18 May 2011
taxable gift received by minor child would get clubbed in parents individual file, either father or mother, whoever has higher income.
BIPIN THAKKAR
(Querist)
19 May 2011
thanks please check again
CA. Krishna K Neeraj
(Expert)
19 May 2011
If HUF received taxable gifts in the previous year say 2009-10, he can show the same by adding the amount from gift into capital as on 01/04/2009.
In year 2010-11, the capital of HUF as on 01-04-09 alongwith amount of Gift and all other income during year 2009-10 will be added and shown as opening balance as on 01-04-2010.
In year 2010-11, the capital of HUF as on 01-04-09 alongwith amount of Gift and all other income during year 2009-10 will be added and shown as opening balance as on 01-04-2010.
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