sharing of HUF's profit
This query is : Resolved
Nimish Parsana
(Querist)
11 April 2009
can any 1 tell me that (capital)profit sharing of HUF to its member including minor members are allowed
and
what are the effects in books of account at the time of profit sharing
and
what are the effects in books of account at the time of profit sharing
CA. B.SRINIVASULU
(Expert)
11 April 2009
HUF is considered as one unit. The members cannot share the profits every year like partners of partnership firm.
However they can withdraw the amounts through drawings.
Their capital can be taken only on division of HUF.
However they can withdraw the amounts through drawings.
Their capital can be taken only on division of HUF.
11 April 2009
i support the expert
Nimish Parsana
(Querist)
13 April 2009
I HAVE A CASE,
AN AGRI. LAND OWNER OF WHICH HAVING IT BY HEIRSHIP, AND AT THE TIME OF SELLING I TOOK THIS LAND TOWARDS HUF OF THE PERSON ALSO CREATE HUF ACCOUNTS OF HIS 2 SONS AND SHARED THE PROFIT IN ALL 3 HUF'S EQUALLY
STILL THEY ALL HAVE TO PAY VERY HEAVY TAXES, IS THERE ANY WAY TO DECREASE IT BY THE HELP OF HUF'S MEMEBERS
I HEARD IT SOMEWHERE, BUT REALLY CONFUSED AS THE DEAL AMT IS 2 HIGH
AN AGRI. LAND OWNER OF WHICH HAVING IT BY HEIRSHIP, AND AT THE TIME OF SELLING I TOOK THIS LAND TOWARDS HUF OF THE PERSON ALSO CREATE HUF ACCOUNTS OF HIS 2 SONS AND SHARED THE PROFIT IN ALL 3 HUF'S EQUALLY
STILL THEY ALL HAVE TO PAY VERY HEAVY TAXES, IS THERE ANY WAY TO DECREASE IT BY THE HELP OF HUF'S MEMEBERS
I HEARD IT SOMEWHERE, BUT REALLY CONFUSED AS THE DEAL AMT IS 2 HIGH
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
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Whether output tax is taken credit by purchaser
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
