HUF

This query is : Resolved

Shrenik (Querist)
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19 January 2011 Dear Experts,

I want to know that HUF can do any business & can we file Income tax return of HUF as showing Income from Business/Profession.

Is there any restriction on HUF for doing business.
Also pls. suggest merits & demerits of filing Income tax return of HUF.

Pls. suggest me urgently.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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19 January 2011 HUF http://www.simpletaxindia.org/2008/05/how-one-can-create-hufhindu-undivided.html
HUF https://www.caclubindia.com/share_files/all-you-want-to-know-about-huf-27905.asp
HUF https://www.caclubindia.com/forum/faq-on-huf--107806.asp

Shrenik

Shrenik (Querist)
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19 January 2011 Dear Aditya,

Thks for sending me links, but that is common FAQ on HUF, but i cant find specific answer that can we create HUF & can we do any business & file income tax return of HUF by showing business income.
Pls. specifically resolve my this query.

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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19 January 2011 Yes you can do. However the karta of the HUF should not be a CA in practice as other business by him is not allowed.

Shrenik

Shrenik (Querist)
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19 January 2011 Thks for ur reply.