Income u/s 44ad
This query is : Resolved
29 August 2012
In the Case of HUF, is salary drawn by karta is allowable u/s 44AD as salary drawn by partners from partnership firm i.e. in calculation of deemed income of 8% salary of karta would be included into net profit...
29 August 2012
There is no such rule for HUF as similar to 40(b).
If you can prove the genuineness of transaction, you can claim the salary.
All the Best.....
If you can prove the genuineness of transaction, you can claim the salary.
All the Best.....
30 August 2012
thnx for your reply but i want to know that,is genuine salary of kata would be added back into net profit for calculation of deemed profit of 8% (as such in case of partnership firm salary of partners included into net profit for the calculation of deemed profit)....
02 September 2012
You have to disclose profit 8% on turnover. No further salary shall be deductible for HUF from the profit.
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