Fw: Re: [aurangabad_ca] QUERY OF HUF

Tuesday, February 23, 2010 1:01 PM By Livemail

 

Dear Mr.G.S.SArma,
 
I am unable to understand your statement that gift from father or grand father to son's or grand son's HUF would attract clubbing provision, consequently  all the income of such HUF would be clubbed with the income of Father or Grand Father as the case may be. However, will you please inform under which  sub-clause , clause or sub-section  of Section 64 of Income Tax Act, 1961 , such provisions are contained?
 
Thanking you,
 
CA. K.C.AGRAWAL
 
ALLAHABAD


 

 



--- On Tue, 23/2/10, amrassgI <lcochennai@gmail.com> wrote:

From: amrassgI <lcochennai@gmail.com>
Subject: Re: [aurangabad_ca] QUERY OF HUF
To: aurangabad_ca@yahoogroups.com
Date: Tuesday, 23 February, 2010, 11:35 AM

 
Dear Mr Rajesh Sewlani

I agree with Mr Rajesh  Joshi regarding the date of marriage as the date of start up for the HUF. However your mail states that your client has taken money for starting the business from his father for his family. Please note that any money received from the father or grand father would attract the provisions of clubbing under section 64 of the Income Tax Act, 1961.  Even if you establish the business in HUF name, by virtue of the clubbing provisions, the profits would be taxable or clubbed with the father.

Hope you would have taken care of this and if not please plan accordingly

REgards

G.S.SArma

On Mon, Feb 22, 2010 at 10:06 AM, CA RAJEEV JOSHI <rajivjoshica@ icai.org> wrote:
 
If your client is married one, then date of marriage is deemed to be date of creation of HUF.
 
Your client can apply for PAN  sdtating date of creation is marriage date.
 
His HUF will get PAN
 
CA R B JOSHI
KOLHAPUR

 
On 2/20/10, raj sewlani <friendship_see@ yahoo.com> wrote:
 
DEAR FRIENDS..... .
 
      I  have some query in HUF case..... one of my client has started business by taking gift from his father for his family... under the head HUF... but he recieved that amount in cash.... he did not made HUF agreement but he purchased the material in the name of HUF from October.... now he want to Register himself under MVAT.. for that he needs PAN CARd... shall   I indiacte the date of creation of HUF as on 01-10-2009.. . plz. suggest at ealiest...
 
Thanks in Advance....
 
Regards...
Rajesh Sewlani, Bhusawal.

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