What are the incomes category which we can show in huf itr?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 March 2012
Please advice regarding HUF following:
1. What are the income category which we
can show in HUF ITR?
2. A person (Karta of XYZ HUF) is having a
open plot in his name which he received
from his father, does income from rent
of that plot can be shown as HUF
income? If yes then whether it falls
under Income from House Property?
If not then please suggest whose income
it is?
Please advise ......
1. What are the income category which we
can show in HUF ITR?
2. A person (Karta of XYZ HUF) is having a
open plot in his name which he received
from his father, does income from rent
of that plot can be shown as HUF
income? If yes then whether it falls
under Income from House Property?
If not then please suggest whose income
it is?
Please advise ......
25 March 2012
The following heads of income can be shown:
Income from House Property
Income from Business
Income from Capital Gain
Income from Other Sources
Income from House Property
Income from Business
Income from Capital Gain
Income from Other Sources
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 March 2012
experts are requested to please solve the query in full....
Pls reply regarding query No. 2 above
Thanks for spending valuable time....
Pls reply regarding query No. 2 above
Thanks for spending valuable time....
25 March 2012
The HUF must be the owner of the property for the rental income to be treated as its income.
Since the Karta is the owner, the rental income cannot be shown in the hands of the HUF.
Further, if the karta gifts the property to the HUF, then the rental income shall be clubbed in the hands of the karta by virtue of Section 64(2).
The karta can sell the property to the HUF and in that case the rental income shall be taxable in the hands of the HUF.
Since the Karta is the owner, the rental income cannot be shown in the hands of the HUF.
Further, if the karta gifts the property to the HUF, then the rental income shall be clubbed in the hands of the karta by virtue of Section 64(2).
The karta can sell the property to the HUF and in that case the rental income shall be taxable in the hands of the HUF.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- NRI starting business in India
- Condonation . E-Verification of last year return .
- GST not cancelled by tenant
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
