Suggest me some ideas about tax planning via making a HUF
Raman Aggarwal (Expert) (363 Points)
25 April 2012Suggest me some ideas about tax planning via making a HUF
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 25 April 2012
If there is some business to be carried on in the name of the HUF, then all the expenses incurred wholly & exclusively for the purpose of carrying on hte business of HUF is fully deductible from the Income of the HUF. The salary paid to the Karta of teh HUF for the purpose of carrying on the business of HUF is also fully deductible.
Moreover if any assets are purchased for carrying on the business of the HUF & if they are also takne on lona, then the benefit of interst paid on paon for the purchase of asset & depreciation on such assets can be claimed as an allowable expense while calculating the income from business of the HUF.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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