Urgent - treatment of following transaction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2012
Dear Sir,
One of our client having status of HUF is in this year become a Proprietor of ABC Housing.
ABC housing constructs Complex in kutch containing flats and these flats are alloted. Opened a CC Bank account in the name of ABc Housing. From this account payment is made towards material purchase and given to contractors and for architect fees. On credit side there is receipt of part money from Flat No. 001, 002, 003,101 and so on...So how to give treatment of these transaction while filing income tax return of HUF.
One of our client having status of HUF is in this year become a Proprietor of ABC Housing.
ABC housing constructs Complex in kutch containing flats and these flats are alloted. Opened a CC Bank account in the name of ABc Housing. From this account payment is made towards material purchase and given to contractors and for architect fees. On credit side there is receipt of part money from Flat No. 001, 002, 003,101 and so on...So how to give treatment of these transaction while filing income tax return of HUF.
28 March 2012
HUF and the proprietorship business are separate assessees.
You need to file 2 separate returns.
1 for the HUF and the other for the proprietorship business.
The income earned by HUF shall be shown in the return of the HUF and the income earned from construction business shall be taxable in the hands of the proprietor.
You need to file 2 separate returns.
1 for the HUF and the other for the proprietorship business.
The income earned by HUF shall be shown in the return of the HUF and the income earned from construction business shall be taxable in the hands of the proprietor.
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