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.
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