Huf karta as a director


Venkat Iyer (Accountant)     15 March 2013

Venkat Iyer
Accountant 
 39 points

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1.  Whether a HUF Karta can become a Director of a Private Limited Company.

2.  Is DIN No. in the capacity of a HUF Karta Director required.

3.  Remuneration to a HUF Karta Director will be computed in his Individual Income Or HUF income

4.  Interest on Deposit paid to a HUF Karta Director will be computed in his Individual Income Or HUF income

5.  What are the other legal formalities to be fulfilled if a HUF Karta is a Promotor of a Private Limited Company.

Please reply..... ..

 

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Hanish Chaudhary (Chartered Accountant)     15 March 2013

Hanish Chaudhary
Chartered Accountant 
 19 likes  331 points

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As per Section 253 of Companies Act, 1956, only an individual shall be appointed as a director of the private limited company. No body corporate, association or firm can be appointed as a director.

An individual can be a Karta of one HUF on one hand and a director of the company on the other hand. The company compliances have nothing to do with HUF. The director salary paid to the individual shall be taxable in his own hand as Income from Salary. Simillary interest income shall be taxable in the hands of individual only under the head "Income from other sources". It is irrelevant that the individual is also a Karta in HUF.

 

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Nagesh (Trainer)     16 March 2013

Nagesh
Trainer 
 6 likes  163 points

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Hanish you are right

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Kaveri Agarwal   06 May 2017

Kaveri Agarwal

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please tell me that how can i apply din for huf......... for example, if Mr.A is going to be the director of company and Mr.A(huf) is going to be the subscriber of the company, while applying din the name will be used as Mr.A or Mr.A (huf)


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