Formation of huf and clubbing provisions ?
This query is : Resolved
08 August 2013
one of my client is a salaried assessee falling in 30% slab rate. His family includes wife and minor daughter.
he wants to form a HUF and make investments in the name of HUF.
He will gift salary income to HUF and HUF will invest in FD/MF/shares etc.
MY question :
1. whether clubbing provisions will be attracted on the income earned by HUF ?
2. Is this planning advisable ?
waiting for the views of the experts.
Thanks in advance.
he wants to form a HUF and make investments in the name of HUF.
He will gift salary income to HUF and HUF will invest in FD/MF/shares etc.
MY question :
1. whether clubbing provisions will be attracted on the income earned by HUF ?
2. Is this planning advisable ?
waiting for the views of the experts.
Thanks in advance.
08 August 2013
PLEASE REFER SECTION 64(2).
YOU WILL FIND THAT THE INCOME IS CLUBBED.
.
THE PLANNING WILL GIVE ITS IMPACT AFTER A PERIOD WHEN THE INCOME DERIVED FROM SUCH INVESTMENT START TO GENERATE CERTAIN INCOME.
SUCH "INCOME FROM INCOME" WILL NOT BE CLUBBED.
.
YOU WILL FIND THAT THE INCOME IS CLUBBED.
.
THE PLANNING WILL GIVE ITS IMPACT AFTER A PERIOD WHEN THE INCOME DERIVED FROM SUCH INVESTMENT START TO GENERATE CERTAIN INCOME.
SUCH "INCOME FROM INCOME" WILL NOT BE CLUBBED.
.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- TDS NUMBER SURRENDER
- Offsetting interest income against derivative trading losses
- Gst Sales of FY 2023-24
- Legal heir raised refund , but refund issued to the closed account of deceased.
- My Last working day in current org is in novemebr 2024 but they are asking me to submit IT proof
- Indexation benefit applicability
- SEC 54 OF IT ACT
- Passed group 2 exams under wrong gender
- REQUIREMENT OF 15CB
- QUERY FOR RCM ON RENT
- APPEAL-CIT
- Payable outstanding for years disallowance
- Whether still royalty
- Issue of gst e invoice
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
