Please share your views regarding payment of remuneration to HUF in the status of Partner in a Firm.
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Salary to huf in the status of partner
Replies (3)
HUF is a virtual body for taxation rules, where ancesterol properties income, derived from joint family is taxed or accounted,
a virtual body can not be partner in a firm, so the income from the firm would be accounted to his individual hands,
however interests / rents etc paid to HUF for money borrowed / property used of HUF by firm, would be paid to HUF and would be accounted to HUF.
salary is allowed only 2 working individual partner...not allowed in case of huf...
| Originally posted by : RAJESH CHOUDHARY | ||
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BUT THERE ARE VIEWS THAT FIRM CAN PAY SALARY TO HUF IN THE STATUS OF PARTNER AND IN TURN APPROPRIATE AMOUNT OF THE SALARY RECEIVED BY HUF CAN BE TRANSFERRED TO KARTA WHO MANAGES THE PARTNERSHIP BUSINESS.. THERE ARE MANY CONFLICTING VIEWS.. PLEASE STATE ANY COURT JUDGEMENTS
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