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huf's capital

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(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
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U S Sharma

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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.

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BIPIN THAKKAR

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BIPIN THAKKAR (Querist)
19 May 2011 thanks please check again
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CA. Krishna K Neeraj

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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.
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