TAXATION OF AGRICULTURE INCOME OF HUF RECEIVED BY ITS MEMBER IN PERSONAL BUSINESS

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QUERRY 

sir member started his personal business and  have  receive Rs1015000 money from Agriculture Income of HUL for personal business . In this case what will be the tax effect in the hand of member of HUF please note that HUF have Only agriculture income hence  no taxable income and hence not filling the return of Income.  Member is finding return of income in individual capacity for individual business please share your view with judgements thanks.tilaranj @ yahoo.com  mo no 9106796741

Replies (1)
Pay interest on loan money of HUF.
You claim it as expenses and HUF will show it as Interest Income.

No more impact

TDS on interest will arise if your business is under 44AB tax audit. Otherwise no need of TDS deduction.


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