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 ......

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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

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....

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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