15 November 2013
Kindly advise, if a Doctor or a Lawyer, can treat any of its income as an HUF income. Please advise, the kind of income one can show as a huf income, if one is a doctor or any other professional.
16 November 2013
HUF basically comes into existence if there is an ancestral property i.e. property of grandfather to grandchild will be ancestral property for grandchild... If we take your question then you mean to ask whether professional income of doctor or lawyer can be diverted to HUF income??? I would say NO... because Incomes of professionals are derived due to their individual expertise and not because of any other thing... Doctor or lawyer works in their individual capacity and not as a karta of their HUF...
If HUF starts any other business (can not be professional one) then that individual can also work in HUF capacity as Karta and HUF income can be derived...
But in this case one has to see whether that other person is allowed to do business other than professional involvement...
HUF can show interest income or income on investment made by HUF...
CAclubindia
