WebJul 7, 2024 · Who Can File ITR 2? Individuals & HUF’s can File this form. Income to be filed in this ITR’s are Salary, Multiple house property Income, Capital Gains, Agricultural Income more than 5000. Income from other sources like Bank Interest, interest from IT Refund, Gifts. Losses from the above Income can also be set off from this Income & carried ... WebNov 19, 2013 · Also, coming to the 2nd point made by Mr. U S Sharma, even a group like an HUF can act as a middleman body. For example, one member of the HUF is dealing with the buying party and other is dealing with the selling party. So there could be numberous example, wherein commission income can be shown as a business income for an HUF.
Can a salaried person transfer funds to HUF? What are the consequences
WebThe entity is allowed to earn from all legitimate ways except by way of salary. It can engage in business, investing in real estate and market linked investment options such as shares, earn income through rent etc. ... For example, the HUF can invest in long term infra bonds and claim deductions u/s 80CCF or avail deductions in the income ... WebFeb 17, 2024 · October 22, 2024. By forming a Hindu Undivided Family, you can optimise your tax liabilities and also include your family members to benefit in the future. For the … e2i ntuc learning hub
What are the tax benefits of forming an HUF? - Learn by …
WebMay 21, 2024 · The HUF can also give and receive loans from its members. Various tax benefits of a HUF. ... A HUF can pay a salary to its members for contributing to the functioning of the HUF which can then be claimed as a deductible expense from its income. However, there must be some justifiable contribution to the salary earning members to … WebOct 25, 2024 · Claim Deductions: An HUF can claim Income Tax deductions like an individual under Section 80C as well as u/s 10 to 13A of the Income Tax Act, 1961. HUF can pay salary to its members and show it as an expense. This will reduce the annual income of the HUF and also decrease the overall income tax payable. WebJan 27, 2024 · HUF can have its own PAN. One can form an HUF, generate income and pay taxes just like any other assessee. Back in 2024, there was a recommendation … csg interstate compacts