Huf

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 March 2016 Dear Sir,

My friend created an HUF as per procedure. this HUF invests money in FD's and Stock trading. pl tell whether Income tax return to be filed even if no tax is applicable as the income is below rs 250000 for the whole year?

Ankur Singhal

Ankur Singhal (Expert)
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07 March 2016 Dear
Its recomended to file the itr as it will help in creating capital.
As huf is created to generate capital.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 March 2016 If income calculated is less then 250,000 without giving any effect of any exemption or deduction then no need to file itr.

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Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2016 Do we need to file ITR mainly to inform the the dept reg the donation/contribution received from Lineal ascendent (Father) which is now the capital for HUF?

Ankur Singhal

Ankur Singhal (Expert)
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21 March 2016 Dear
Since the gift from members are not taxable in the hands of huf, then you need not file the itr if there is no other income of huf.