Hi,
There is one basic question - for which I want 'legal view point' (not related to income tax)
1. In case where a person is indebt & unable to pay debt in full with his own assets, he is also a karta in own HUF, as per my understanding, court can recover the debt with his own eligible assets + his share in HUF.
2. What are the legal implications where HUF is doing business, makes loss & can't pay debt with HUF's assets,
can court recover the remaining debt (after absorption of HUF assets) from the personal assets of karta as an individual?
Also let me know if my understanding in part 1 is not correct.
