Income tax
prabhat
(Querist) 06 June 2012
This query is : Resolved
I have an HUF. I am the karta of the said firm. i am also a consulting advocate. can i show expenses towards consultatiion fees or salaries paid to me by the said HUF. can salaries paid to my wife and daughter by the said HUF also be allowed as expenses as per the IT act? kinldy let me know.
Shonee Kapoor
(Expert) 06 June 2012
No. Karta is the figurehead and can not withdraw money for the deeds done for HUF.
Only if HUF is engaged in business, the salaries can be disbursed.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
C. P. CHUGH
(Expert) 09 June 2012
Where the HUF is having income from "Business or Profession" all expenses incurred wholly and exclusively are deductible subject to provision of section 29 to 37. Any salary, rent, interest or any other sum paid to any member of the HUF are further subject to conditions as laid down in section 40A(2)(a).
Adv C P Chugh
cpcservices@gmail.com
+91-9971124526
