Huf taxability.
This query is : Resolved
21 March 2012
Do the members of HUF required to submit their separate IT returns besides HUF IT return? If answer is yes then please solve my query.
Suppose HUF contains a father, his 2 sons & their wives. All the ladies are housewife i.e they have no income. Father is retired & he also has no income. And 2 sons are doing job and getting monthly salary?
In this case who are required to submit IT returns?
Please explain.
And if HUF is not required to submit IT return then what is the use of forming HUF?
Suppose HUF contains a father, his 2 sons & their wives. All the ladies are housewife i.e they have no income. Father is retired & he also has no income. And 2 sons are doing job and getting monthly salary?
In this case who are required to submit IT returns?
Please explain.
And if HUF is not required to submit IT return then what is the use of forming HUF?
21 March 2012
HUF is required to file return. Karta of HUF is the authority to file return.
HUF is also getting basic exemption limit for its income before offering its income to tax.
Hope your query is solved
Thanks
Mihir Doshi
HUF is also getting basic exemption limit for its income before offering its income to tax.
Hope your query is solved
Thanks
Mihir Doshi
21 March 2012
Please solve my query, I am not satisfied with this answer.
21 March 2012
HUF will file a return if the HUF earns any income and the total income exceeds the exemption limit.
As far as the members of the HUF are concerned, they will be assessable only for the income earned by them individually, i.e., OTHER than the income earned by the HUF.
They will file the return only if their total income exceeds the exemption limit.
As far as the members of the HUF are concerned, they will be assessable only for the income earned by them individually, i.e., OTHER than the income earned by the HUF.
They will file the return only if their total income exceeds the exemption limit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- FORM 26A APPLICABILITY
- Copyright software
- SFT Cash Deposit in Current Account
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
