Tax on amount withdrawn from HUF ..
This query is : Resolved
08 June 2021
Sir ,
I am retired employee having interest income of 4 to 5 lakhs. I have recd shares of 20 to 25 L from ancestral property in HUF demat account ( self and wife )
Every year i am selling shares from HUF worth Rs. 2 to 2. 5 lakhs which is below taxable limit.
The sales proceeds i am transfeering to our indivudal joint account for our recurring expenses.
Is i am doing right ?
Is this attract any tax implication.
Is any precaution is required from tax point of view ?
It is necessary to file HUF return ?
Please guide.
I am retired employee having interest income of 4 to 5 lakhs. I have recd shares of 20 to 25 L from ancestral property in HUF demat account ( self and wife )
Every year i am selling shares from HUF worth Rs. 2 to 2. 5 lakhs which is below taxable limit.
The sales proceeds i am transfeering to our indivudal joint account for our recurring expenses.
Is i am doing right ?
Is this attract any tax implication.
Is any precaution is required from tax point of view ?
It is necessary to file HUF return ?
Please guide.
24 September 2021
As such you need to keep separate books of accounts for HUF along with a bank account, you will be signing authority as KARTA.
You can directly expend any such recurring expenses from the HUF account itself.
In case the income of HUF exceed basic exemption limit, the ITR filing will be mandatory.
You can directly expend any such recurring expenses from the HUF account itself.
In case the income of HUF exceed basic exemption limit, the ITR filing will be mandatory.
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