Partnership of huf
This query is : Resolved
06 October 2012
If M/s. X HUF is a partner in XYZ partnership firm.
Now X HUF has debited XYZ Firm by following three Accounts.
1. Interest 1 lakh
2. Profit 1.5 lakh
3. remuneration 2 lakh.
now as remuneration is taxable in the hands of Mr X and not X HUF then whether we should show remuneration in the books of X or X HUF.
Thanks in advance
Now X HUF has debited XYZ Firm by following three Accounts.
1. Interest 1 lakh
2. Profit 1.5 lakh
3. remuneration 2 lakh.
now as remuneration is taxable in the hands of Mr X and not X HUF then whether we should show remuneration in the books of X or X HUF.
Thanks in advance
08 October 2012
That would depend on if X is representing X-HUF as its Karta and what ever is earned from XYZ is for X-HUF !
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