Karta does the F&O trading from HUF DEMAT account, the trading generates income. Now in the given scenarios, who should show this income for tax purpose, HUF or Karta.
HUF capital is used for trading.
Karta provides interest free loan to HUF for trading purpose.
Karta gifts money to HUF for trading purpose.
Karta provides loan at nominal rate to HUF, loan deed is also present with required information.
I have gone through multiple such pages and information online, but answers are not very clear.
In some cases, it was discussed that as this requires active involvement of Karta, hence even if its HUF capital, income should be clubbed with Karta's income and Karta should pay taxes for it.
Is their a way to ask the same directly to income tax department directly and get a definite answer.
CAclubindia
