Leting out property by huf to karta

This query is : Resolved

SHANTI BHUSHAN (Querist)
Follow

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??

Aijaz Shaikh

Aijaz Shaikh (Expert)
Follow

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.

Message likes : 1 times

SHANTI BHUSHAN

SHANTI BHUSHAN (Querist)
Follow

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

CA MANOJ GUPTA (Expert)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vinod Selv

AKCJ INFO

JAYDEEP MITRA

Richa Bajoria

Arun Borad

Subscribe Now

Leting out property by huf to karta

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA