If a person have two seperate businees,both self generated and without ancestral property. Can it is possible to give status of one business taxable under HUF and one another under Individual to reduce the tax burden and enjoy the tax limit exemption.
10 June 2014
You can make HUF by gifting some of assets to HUF but the income from such assets is clubbed in the hand of transferor. However, any income earned from such profit is taxed in the hand of HUF.
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