Huf income tax return

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HUF INCORPORATION DATE taken JULY 2014 while making PAN card. While First child comes in world in HUF 2007.

 

Query is that can HUF file ITR for FY 2012-13 & 2013-14 (i.e. before its incorporation date) ? Although income is not more than basic exemption limit?

Replies (4)
Huf gets benefit of basic exemption limit only after a child( real, adopted ) comes into the world. Till that time, Huf is namesake huf having no taxation benefit. All income of huf gets clubbed in the hands of the karta in his individual return. This is what I have known after reading from different sources and discussing the same with many experts. E : rajcdoshi @ gmail.com
HUF First child in 2009 but in PAN, incorporation date is july 2014. then which will be deemed to be incorporation date for the purpose of filing itr
I am sorry I am not so well versed with such situations. However , logic says you cannot file ITR for ay 2013-14. For ay 2014-15 you can file. In ay 2013-14, if the GTI is less than basic exemption limit, then as it is not obligated to file ROI. If you had Huf income in ay 2013-14, then obviously you must have huf bank account and if that is the case huf pan card must be there. Still what can you do is finqlise the accounts try uploading / efiling ITR for Ay 2013-14. If the system accepts it, then everything is perfect.
Originally posted by : Raj C Doshi
Huf gets benefit of basic exemption limit only after a child( real, adopted ) comes into the world. Till that time, Huf is namesake huf having no taxation benefit. All income of huf gets clubbed in the hands of the karta in his individual return. This is what I have known after reading from different sources and discussing the same with many experts. E : rajcdoshi @ gmail.com

 

Can you please mail me some information regarding basic exemption only after child. 

miteshnkothari @ gmail.com

 


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