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Section 40(a) (2)

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 September 2012 Is HUF is relative to Individual as per section 40(A) (2).

Please reply as we are preparing tax audit report.

An individual (Sole prop firm) has taken loan from Prop HUF. whether such transaction to be included in point (u/s 40(A)(2)) payment to relatives.
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
19 September 2012 yes
it is to be included

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