Can huf karta be a partner of any partnership firm ?
mehul khakharia
(Querist) 05 April 2013
This query is : Resolved
we are forming a partnership firm....I would like to add myself as a KARTA of MY HUF to this partnership firm...Is it ok or any legal or technical problem is there ? partnership firm will be for construction perpose....
Raj Kumar Makkad
(Expert) 05 April 2013
There is no legal issue in becoming partner as desired.
Anirudh
(Expert) 06 April 2013
Dear Mr. Sudhir Kumar,
What is the misery, can you please explain, for my understanding.
Raj Kumar Makkad
(Expert) 06 April 2013
+Anirudh! I think this is only a way of expression otherwise there is no involvement of any misery. It denotes the solution to the problem.
Devajyoti Barman
(Expert) 06 April 2013
I am also curious to know the purport of 'misery' in this context.
prabhakar singh
(Expert) 06 April 2013
Some time we slip words; he might have meant
penury of karata advancing to prosperity by joining a partnership firm.
However query itself is of confusion as to it's intent.
Whether HUF through Karta has to join the partnership or the karta of a HUF has to join the partnership in his individual capacity as partner.???????????
Sudhir Kumar, Advocate
(Expert) 06 April 2013
A karta advances money in partnership. All partnerships are for dissolving and each party has to feel that he is cheated.
Let this man do the experiment and later on after few years he will find that the minor school going member of family seek dissolution of HUF and allege him with fraud and connivance.
R.V.RAO
(Expert) 31 January 2014
Answer is yes. but remember If the members of the HUF transfer the money in to the HUF account, then Income tax clubbing provision willl apply, and the income will be taxable in the hand of the individual member.
2. But the Clubbing provision can be bypassed if the amount transfer in HUF account is invested in tax free scheme. The tax free income can than be re-invested to earn even taxable income, Income on income is out of Clubbing Provision.
3. Gift can be received in the name of HUF from stranger upto Rs. 50000/-
4. Gift from relatives can also be received who are not the member of your HUF
usually HUF is formed as tax planning devise.
