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tax liability
If person is having business of transporting as propreitorship firm.& he want to create new firm for transporting business in the name of HUF will the share of profit of karta will be taxed in his individual capacity.
plz explain the wat tax liability will arise in individual & huf
Replies (2)
No, the profit shall be taxable in the hands of HUF itself and the share of profit is exempt in the hands of Karta as well as other members.
HUF being a different legal entity will be taxed seperately from Karta or other members.
Such business will also get tax benifit like Individual.
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