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tax liability

Others 723 views 2 replies

silky jain

chartered accountant

167 Points Posted on 13 February 2009

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)

CA.Tarun Maheshwari

CA DISA

7150 Points Posted on 13 February 2009

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.

Abhinav Agarwal

M.Com C.A SAP Consultant

814 Points Posted on 13 February 2009

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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