I am a Government Servant having HUF with me as Karta, my wife and two minor daughters as co-parceners. My conduct rules do not allow me to engage myself in any business activity. Government rules say that you need to yearly disclose the incomes and assets of both yourself and wife and all dependents.
My wife does some freelancing job from home generating income, which is received partly in her individual name and partly in the name of HUF.
My queries are…
- If my wife does not share her income and asset details with me, how can I disclose them to my employer (Government). By which rule she is bound here? Can I simply say that my wife has refused to share her details with me so I cannot submit them to the Government.
- If my wife generates business income for HUF, am I violating any rule, which prohibits me to engage in any sort of business activity outside my service?
- Is it possible that I can transfer the rights of Karta (i.e. managing the finances / investment) of HUF to my wife through some declaration / affidavit etc.?
- Government employees are required to submit every year the return of incomes and assets of themselves, their spouse and their dependents. Does it also include HUF also?
- I have not yet submitted this for last several years. Can I do so now? Is there any adverse consequence to that?
CAclubindia
