Karta and huf
This query is : Resolved
14 August 2013
Hiee friends..
There is one HUF & it is the policy of that HUF Firm to treat all the books of accounts of HUF & Karta as one and the same.
That is whatever Individual Bank accounts of Karta & all his personal Fixed Assets are merged in the HUF Balancesheet. Is this a fair accounting ???
Please guide me on the relevant provisions.
Thanks
There is one HUF & it is the policy of that HUF Firm to treat all the books of accounts of HUF & Karta as one and the same.
That is whatever Individual Bank accounts of Karta & all his personal Fixed Assets are merged in the HUF Balancesheet. Is this a fair accounting ???
Please guide me on the relevant provisions.
Thanks
14 August 2013
Dear Anagha,
HUF and the Karta, are two separate entities. Karta acts in two capacities…one in his personal capacity and the other as the Karta of the HUF.
Hence, the two capacities cannot be merged into one..thus, the books should be maintained separately and not as one.
HUF and the Karta, are two separate entities. Karta acts in two capacities…one in his personal capacity and the other as the Karta of the HUF.
Hence, the two capacities cannot be merged into one..thus, the books should be maintained separately and not as one.
Message likes :
1 times
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
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- ARCA LOGIN
- Closer of business and itc of capital goods
- Rectification under processing even after 6 months cpc portal
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Capital gain on commercial property and investment in residential property
- Import of Capital Machine
- TDS Return Statement Status
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
