REGARDING HINDU UNDIVIDED FAMILY (HUF).
This query is : Resolved
27 November 2010
Dear Sir,
Can you please send me about the income a karta can earn and account for under HUF and can two HUF can be made under a same family where there are two male member i.e one is father and other is son of age 20 years.Also can a HUF can do business in the name of HUF.
please reply soon....
Can you please send me about the income a karta can earn and account for under HUF and can two HUF can be made under a same family where there are two male member i.e one is father and other is son of age 20 years.Also can a HUF can do business in the name of HUF.
please reply soon....
28 November 2010
Mr.Nimesh,
Two HUF can be created in a family. However in the given case according to your information, father and mother with a son of 20 years constitute a HUF. In this fold it is not possible to have two HUFs. If the son is also married, another HUF can be created,either by effecting a partition of the exising HUF or by obtaining a loan for the smaller HUF from the other HUF and can create a new entity. HUF can do business in any lawful manner with its capital and other inputs. There is no bar.
Two HUF can be created in a family. However in the given case according to your information, father and mother with a son of 20 years constitute a HUF. In this fold it is not possible to have two HUFs. If the son is also married, another HUF can be created,either by effecting a partition of the exising HUF or by obtaining a loan for the smaller HUF from the other HUF and can create a new entity. HUF can do business in any lawful manner with its capital and other inputs. There is no bar.
28 November 2010
hai nimesh
you can create 2 HUFS in same famaly but son should be married then he can form another HUF and any business can be done in the name of HUF by obtaining PAN for that HUF. any share from HUF is not taxable in the hands of individual
you can create 2 HUFS in same famaly but son should be married then he can form another HUF and any business can be done in the name of HUF by obtaining PAN for that HUF. any share from HUF is not taxable in the hands of individual
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
- CAPITAL GAIN BASE ON NOTIFICATION
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- NRI starting business in India
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- EXPORT COMMERCIAL INVOICE HSN CODE
- Capital gain on sale and purchase of plot
- Non-Compliance documents have not been submitted by the contractors debited
- FORM 141 SDV query
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
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
