Mudit (Employed) (31 Points)
15 March 2016Dear Sir,
I am employed with a company as a sales manager drawing regular salary income.
I am also eligible for a annual commission on my sales, which I wish to take in my HUF name. Could you please confirm if this would be acceptable by the income tax authorities.
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 15 March 2016
To offer as H.U.F Income. Income should be out of H.U.F's property or H.U.F's business. You can Impress your property as H.U.F's Property but not H.U.F's Income. Hence you {can not offer your commission as H.U.F's Income. Buf if you act as employee on behalf of H.U.F by Virtue of having share holding in Company and you (Kartha or Co-parcener) act as Executive officer there to look after operations} then you can offer such income as H.U.F's
Ruchi
(CA)
(1410 Points)
Replied 15 March 2016
I think yes, you can take commission in the name of your HUF as you can act on behalf of your huf to act as such.
ketan
(.)
(21 Points)
Replied 15 March 2016
Sivaramaraju G
(Learner)
(2398 Points)
Replied 19 July 2021
No, As per my understanding because it is part of your employment agreement.
if HUF has separate contract then HUF can offer commission income.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
