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LIABILITY OF PROPRIETOR FIRM IN NAME OF HUF. [ HOW IS KARTA ,COPARENCER AND MEMBER WILL BE LIABLE]


Krishna seva das (TAX CONSULTANT)     13 November 2019

Krishna seva das
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LIABILITY OF PROPRIETOR FIRM IN NAME OF HUF.

1) IN CASE OF LOSS ,
2)IN CASE OF ANY GOVT LIABILITY ,
3 )LOSS IN SHARE IN PARTNERSHIP IN WHICH KARTA IS PARTNER

EXAMPLE LOSS AMOUNT -10 LAC​​​​​​

NOTE : HUF DONT HAVE ANY PROPERTY OF ITS OWN BUT ONLY SMALL CAPITAL OF 100000 IN BANK SO HOW IS KARTA ,COPARENCER AND MEMBER WILL BE LIABILITY TO PAY ABOVE LIABILITY

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Alok Singh   13 November 2019

Alok Singh

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Yes it is a good question

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Kapadia Pravin   14 November 2019

Kapadia Pravin

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EVERY MEMBER SHALL BE JOINTLY AND SEVERALLY LIABLE for the tax and other liabilities .

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Krishna seva das (TAX CONSULTANT)     15 November 2019

Krishna seva das
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That means balance 9 lac will be paid by all karta and co-pa and member in respective ratio


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