12 February 2009
hello, i have a querry, my assessee,has sold an agri. land (Rural,ancestral) due to ignorance he deposited sales proceed in his wife's bank a/c, and earning huge fd interest on it,what i feel is, since the money is HUF money, and should have been assessed in huf's hand,but AO says since u have not signed the sale deed in huf's capacity and the money is also not kept in huf's a/c it will not be treated as huf fund and will be taxed in the hands of a'ee's wife,as money is in her hands now, however if it is treated as huf money it will not be taxable up to basic limit of Rs. 150000/-and in true sence it is huf money only, please help, i have to file the return accordingly. Thanks
12 February 2009
thanks Nitinji for repling,but the assessee does not prepare balance sheet as there was only asset as ancestral one, can we make it & keet it for record purpose? (2)what about the money kept in wife's a/c and taxability of interest? pl advise
16 February 2009
the seller is shown as individual, due to ignorance of law he has signed as indivdual and not as karta of HUF but in saledeed it is mentioned that the agricultural land is ancestral land, pl advise
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