HUF taxation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2010 After a complete partition of my cient's HUF, the IT dept has allotted a MINOR HUF status to him (alongwith his wife) - his wife as member and self as KARTA.

What are the significant points on which this entity differs from the main HUF?

ALso, how are the funds to be divided between the husband and wife (in the capacity of member and Karta)?

daya shankar singh

daya shankar singh (Expert)
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24 May 2010 After partition, the income accrue to other member which is separated after partition are not taxable in the income of HUF.

Under the new Minor HUF status, the income of wife and other member if any is taxable under HUF

The income generated by HUF is divided equally between between the members

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