Shefali Bajpai (Article Assitant & CA Final Student) (1148 Points)
10 August 2008Hello Seniors & friends,
Recently I got to know abt a case wherein a Firm's Properitor is a HUF. However, such an arrangement is carrying on since last 8 years and the Income Tax Department has been doing the assessment regularly without any objection.
But I would like to know whether it's possible for a HUF to be the properitor of a Firm?
An early responce will be highly appreciated.
with Regards,
Shefali.
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 10 August 2008
Yes HUF Can Be Proprietor Of A Firm.
CA PRAMOD SARAOGI
(Chartered Accountant)
(1113 Points)
Replied 10 August 2008
Definately HUF can be proprietor of a Proprietory Concern. Even HUf can be a partenr in the Firm , HUF is a separate legal entity and can own proprietpry Concern. There are many Proprietory concerns which are owned by the HUF. The documents relevent to the firm are signed as
For ABC Trading Co.
[Prop : S.Bajpayi (HUF)]
S.Bajpai
(Karta)
priyanka
(student)
(22 Points)
Replied 13 August 2008
yes, HUF can be prop as well as partner of a firm.
Shefali Bajpai
(Article Assitant & CA Final Student)
(1148 Points)
Replied 19 August 2008
Thanks for the reply friends.
CAclubindia
