Hi Friends,
I have two questions:-
Q.1 - My father has earned income of Rs. 2,40,000 in accounting year 2007-08 as short term capital gain from trading in shares in the stock market.
Whether such income is speculative? What will be his tax liability as he is a senior citizen. He has paid Life Insurance Premium of Rs. 30,000 in
2007-08.
Q.2 - My father wants to create his HUF. Unfortunately my grandparents (both my father's and mother's parents) and my father's bother are not
alive. From whom he can get gift for his HUF. Is there any other way of creating HUF without receiving any gift?
CAclubindia
