Leting out property by huf to karta
This query is : Resolved
SHANTI BHUSHAN
(Querist)
10 December 2011
Hello Friends,
There is a HUF consisting of Karta, his wife one male minor child, and one female minor child. Karta gets fund from his mother and purchase a flat. This flat is let out to Karta.
Whether this transaction is ok for income tax purchase??
There is a HUF consisting of Karta, his wife one male minor child, and one female minor child. Karta gets fund from his mother and purchase a flat. This flat is let out to Karta.
Whether this transaction is ok for income tax purchase??
Aijaz Shaikh
(Expert)
10 December 2011
In the huf return there will be income from house property.
In Karta return there will be drawings.
The transaction is ok for tax purpose.
In Karta return there will be drawings.
The transaction is ok for tax purpose.
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SHANTI BHUSHAN
(Querist)
11 December 2011
In the accounts of Karta, if it can not be shown as expense then what is the benefit of it? can it be shown as Rent expense if it is office or deduction under 80gga if it is residential house?
CA MANOJ GUPTA
(Expert)
11 December 2011
the karta can claim deduction under section 80GGA or as exp in computation of income fm business if other conditions are satisfied
Pl remember in case of business the AO may invoke section 40A(2) and disallow certain part of exp
CA MANOJ GUPTA
JODHPUR
09828510543
Pl remember in case of business the AO may invoke section 40A(2) and disallow certain part of exp
CA MANOJ GUPTA
JODHPUR
09828510543
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