There is one Partnership Firm constituted before 1 year with 3 partners (Individuals)
Now One HUF - Karta wants to enter in Partnersip firm as a Partner.
Is it Possible to become a Partner for HUF - Karta in Partnership Frim?
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Huf - karta as new partner in existing partnership firm
Replies (3)
| Originally posted by : Mihir | ||
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There is one Partnership Firm constituted before 1 year with 3 partners (Individuals) Now One HUF - Karta wants to enter in Partnersip firm as a Partner. Is it Possible to become a Partner for HUF - Karta in Partnership Frim? |
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Yes. the income be treated as individual's income.
Once a induction of HUF as partner ( signed by its karta) , being 4th partner comes into force , either by introducing finance ( it should be ac payee cheque by HUF), the profit or loss so genearted will also be part of HUF income ,( as a partner )at the same time coparcner and memeber of HUF has No role to play or demand separate profit or loss from that partnership firm.
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