Sources of huf income
This query is : Resolved
ritesh gupta
(Querist)
13 October 2013
SIR I WANTTO KNOW THAT WAT ARE THE VARIOUS SOURCES OF A HUF TO SHOW OR EARN HIS INCOME....
CA Pallav Singhania
(Expert)
13 October 2013
Business Income, Income from other sources like Interest on FD, Dividend om investments.. etc..
ritesh gupta
(Querist)
13 October 2013
SIR I HAVE DONE A FDR IN A BANK IN THE NAME OF MY HUF IN CASH,FROM MY DAILY PERSONAL SAVINGS OF 40000...IN WHICH SORCE OF INCOME IW ILL SHOW IT IN MY INCOME TAX RETURN..........
CA Pallav Singhania
(Expert)
13 October 2013
It will be shown in the Karta IT file under the head Income from other source...
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ritesh gupta
(Querist)
13 October 2013
I HAVE SOLD MY OLD GOLD ORNAMENTS FOR ONE LAKH RUPEES,,,,,,HOW IT WILL BE TREATED IN INCOME TAX..
CA Pallav Singhania
(Expert)
13 October 2013
It will be treated as Long/short capital gain, if the ornaments sold after 3 years after the date of purchase then it will be a long term capital gain or within 3 years then it will be a short term gain..
Note: Short term capital gain will be taxed as pert IT slab..
Long term will be taxed @ 20 percent..
Note: Short term capital gain will be taxed as pert IT slab..
Long term will be taxed @ 20 percent..
13 October 2013
It will be taxable as capital gain...whether it is short term or long term it will be dependent on period of holding the gold from purchasing it.
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ritesh gupta
(Querist)
13 October 2013
WAT I HAVE TO DO TO SAVE THE LONG OR SHORT TERM CAPITAL GAIN ARISING FROM THE SALE OF GOLD ORNAMENTS....IS THERE ANY LIMIT OF AMOUNT WHICH THE ORNAMENTS CAN BE SOLD IN A FINANCIAL YEAR....IS THE ORIGINAL BILL FROM JWELLER IS NECCESSARY FOR THIS,,,,,,,,,,,,
CA Pallav Singhania
(Expert)
13 October 2013
Long term capital gain on sale of ornaments can be exempt, U/S 54F,54EC and 54GB..
You can invest in HP, or in Bonds NHAI,RECL or in shares of specified companies...
Short term capital gain has to borrow tax no exemption in such respect...
You can invest in HP, or in Bonds NHAI,RECL or in shares of specified companies...
Short term capital gain has to borrow tax no exemption in such respect...
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