21 March 2012
Do the members of HUF required to submit their separate IT returns besides HUF IT return? If answer is yes then please solve my query. Suppose HUF contains a father, his 2 sons & their wives. All the ladies are housewife i.e they have no income. Father is retired & he also has no income. And 2 sons are doing job and getting monthly salary? In this case who are required to submit IT returns? Please explain. And if HUF is not required to submit IT return then what is the use of forming HUF?
21 March 2012
HUF is required to file return. Karta of HUF is the authority to file return. HUF is also getting basic exemption limit for its income before offering its income to tax.
21 March 2012
HUF will file a return if the HUF earns any income and the total income exceeds the exemption limit.
As far as the members of the HUF are concerned, they will be assessable only for the income earned by them individually, i.e., OTHER than the income earned by the HUF.
They will file the return only if their total income exceeds the exemption limit.
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