sharing of HUF's profit
This query is : Resolved
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
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
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
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