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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
TAX CONSULTANT 
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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

avater

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
TAX CONSULTANT 
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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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