Different sources of income of HUF

Hello,

waiting for your reply...

Ms. Lucky

The Partnership is govern by the Partnership Act and HUF is govern by the Hindu Law. If you form the partnership it needs instrument in writting i.e. call partnership deed.It includes certain clause e.g. name of firm, share of profit/loss of each partner, capital contributed by the partners, names and addresses  of partners etc. in HUF there will be co parcner. and it will call proprietorship concern and HUF will be proprietor of the concern In Incometax there is separate asst. for HUF as well as partnership. If two brother constitute partnership there should be instrument in writting containing certain clause, it can be register under Registrar of Firm. In HUF it is not like that. It is call Joint family business. If it is family business U can give status of HUF. If business is set up by the father and their is no family settlement U can constitute HUF and both will be the member of HUF not he partner.

Surana, Chennai

9952967237

In continuation of my above reply income of HUF should be from the investment e.g. trading, industry, interest on investment etc.

Thank u Mr. Surana.I got clarifications of my doubt

Different sources of income of huf