Plzzzzz help meee...its urgent
This query is : Resolved
CA JINAL SHAH
(Querist)
03 November 2015
ABC HUF IN WHICH THERE ARE 2 MEMBERS, X KARTA AND Y OTHER
MEMBER.(BOTH ARE HUSBAND WIFE)
MY QUERY
1.CAN X(KARTA) ON BEHALF OF HUF ENTERED IN PARTNERSHIP WITH ANY
INDIVIDUAL. IF YES WHETHER INCOME SUCH AS INTEREST, SALARY AND
PROFIT RECORDED IN THE BOOKS OF HUF?
2.IS THERE ANY RULE THAT IF IN A HUF THERE IS ONLY 1 COPARCENERS
THEN INCOME OF HUF WILL BE ASSESSED IN THE BOOKS OF KARTA AND
NOT IN HUF.
REPLY MY QUERY EARLY HIGHLY APPRECIATED
THANKING YOU
MEMBER.(BOTH ARE HUSBAND WIFE)
MY QUERY
1.CAN X(KARTA) ON BEHALF OF HUF ENTERED IN PARTNERSHIP WITH ANY
INDIVIDUAL. IF YES WHETHER INCOME SUCH AS INTEREST, SALARY AND
PROFIT RECORDED IN THE BOOKS OF HUF?
2.IS THERE ANY RULE THAT IF IN A HUF THERE IS ONLY 1 COPARCENERS
THEN INCOME OF HUF WILL BE ASSESSED IN THE BOOKS OF KARTA AND
NOT IN HUF.
REPLY MY QUERY EARLY HIGHLY APPRECIATED
THANKING YOU
05 November 2015
1. HUF cannot become a partner directly but it can be represented by its karta.
2. No there is no such rule. income of HUF is income of HUF as a whole.
2. No there is no such rule. income of HUF is income of HUF as a whole.
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