RAJ KUMAR (FINANCE MANAGER) (1393 Points)
25 May 2011HELLO FRIENDS, PLS. ANYBODY TELL ME. IF THE PROPERTY IS TAKEN ON RENT BY THE PARTNERSHIP FIRM FROM ONE OF THE PARTNERS.PROPERT IS IN THE NAME OF PARTNER BUT THAT PARTNER IS ALSO KARTA OF HUF.
HE SAYS TO SHOW THE RENT IN NAME OF HUF.
IS THIS IS POSSIBLE PROPERTY IS IN THE NAME OF PARTNER. CAN HE ALSO SHOWS THE RENTAL INCOME IN HUF.
PLS. REPLY ANYBODY.
CA NITUL MEHTA
(KPMG-Senior Consultant-International Tax )
(236 Points)
Replied 25 May 2011
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 25 May 2011
property must be in name of HUF to get rent in name of HUF,
mere being karta of HUF does not shift his personal individual rights to HUF
CAclubindia
