Income tax - HUF
This query is : Resolved
09 June 2009
In HUF karta is only doing shares trading he has not started any other business and turnover of purchase & sales of shares is more than 40 lacs & short term gain is rs. 3,00,000/-will tax audit applicable to HUF
chetan soni
(Expert)
09 June 2009
if HUF is playing role of share broker then tax aufit is applicable. As long as karta is trading to gain the sepculative income then tax audit is not applicable.
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