HUF taxation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 May 2010
After a complete partition of my cient's HUF, the IT dept has allotted a MINOR HUF status to him (alongwith his wife) - his wife as member and self as KARTA.
What are the significant points on which this entity differs from the main HUF?
ALso, how are the funds to be divided between the husband and wife (in the capacity of member and Karta)?
What are the significant points on which this entity differs from the main HUF?
ALso, how are the funds to be divided between the husband and wife (in the capacity of member and Karta)?
daya shankar singh
(Expert)
24 May 2010
After partition, the income accrue to other member which is separated after partition are not taxable in the income of HUF.
Under the new Minor HUF status, the income of wife and other member if any is taxable under HUF
The income generated by HUF is divided equally between between the members
Under the new Minor HUF status, the income of wife and other member if any is taxable under HUF
The income generated by HUF is divided equally between between the members
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