03 April 2010
A HUF has divided, later one of individual setup a sole trading concern and the days passed and he had two son's, they also engaged in the same business from the childhood, at this stage how shall we treat his trading income as "HUF or INDIVIDUAL INCOME"
03 April 2010
Hi Satish IF there was complete partition of HUF then that HUF is no more for income tax, and if it was partial partition then that HUF is still on For income tax purpose
The income of the member who is carrying on business after partition of HUF will be taxable in his individual return.
He can form a new huf which den will include him and his son and then only such income can be taken in that HUF.
CAclubindia
