banner_ad

Huf business

Tax queries 752 views 2 replies

Hi,

I work in a MNC and get paid as Salary income. I have now formed a HUF and doing business as Karta of the HUF receiving income in HUF (from totally different company than where I am employed). I am receiving USD in form of bank wire in HUF and the company paying is based in US.

Question 1 : My consulting business is bringing some costs, question is can I claim those expenses (For eg, I may need to hire a guy and pay him salary, may need to spend on IT equipments etc) under HUF ?

Question 2 : What should I do to avoid any income "clubbing" problems coming in future between my individual and HUF

Replies (2)

Please anyone? This is urgent.

yes, u can claim the ligitimate business expenditures like salary of the person , depreciation on office equipments etc. just liek any other business. HUF is a seperate legal entity and is taxed seperately. u need to file return for HUF wherein its business income and u may file ur own return as an individual with salary income.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details