Can HUF Issue form 15 G

TDS / TCS 6758 views 2 replies

Ketan

Services

120 Points Posted on 06 April 2009

Hi...

1) My huf is not a partner in any firm nor does it have any other income exceptsome nominal income from STCG which is witin tax exempt Limit.

Can i issue for 15G to bank where i have my FD so that they do not deduct TDS.

2) My grand mother is a partner in a company which is almost defung HAS nil return since last year.

She is 73 years old. She has income in STCG and Interest Income from others. She has paid no tax in past 2 years. Incase her total income is witin the exempt limit can issue 15H.

Replies (2)

Sandeep Keswani

Tax Consultant

1064 Points Posted on 06 April 2009

Yes. HUF can issue Form 15G. If you go through Form No. 15G, it reads as under: "Declaration under sub sec (1) and (1A) of section 197A to be made by an Individual OR A PERSON (NOT BEING A COMPANY OR FIRM) claiming certain receipts............". Thus an HUF is also covered in the above.

Regarding your grand mother, if she has no taxable income, i.e. if her tax liability is NIL, she can definitely issue Form No. 15H and that will be the wise thing to do instead of going through the procedure of claiming refund later on.

Ketan

Services

120 Points Posted on 07 April 2009

Thank you Sandeep....

The only thing im ltl confused is that it reads as form 15G can be given by person who doesnot have any other Income (xcept Interest) Since my HUF has nominal income from Shares (though not taxable)

The reason im clarifing is that as i understand the IT law for wrongly given forms are pretty stirct. So double checking every word of the form....