X and Y are husband and wife. Their incomes are shown separately in the following table:-
Ser No. Type of Income Individual Incomes
X Y
1. Pension (Govt Job) C -
2. Sr Citizen Sav Scheme D E
3. Farm Income (Agriculture) - F
4. Fixed Deposits G H
5. Mutual Funds Dividend (Qr) - I
6. Mutual Funds (Growth) - J
7. Sale of Farm Land - K
8. Commission (Insurance) L M
9. Interest on Bank Deposits N O
They have been filing IT returns as applicable in the past. Now they have decided to file their returns under the HUF category. They have a acquired a HUF PAN and opened a HUF Bank Account, with X as the ‘Karta’. How will their IT returns be filed in the following categories and which income of each will be filed under personal and which under HUF? In case the post does not make sense due to formatting problems, kindly view attachment.
From India, Delhi
26Ser No. Type of Income Individual Incomes
X Y
1. Pension (Govt Job) C -
2. Sr Citizen Sav Scheme D E
3. Farm Income (Agriculture) - F
4. Fixed Deposits G H
5. Mutual Funds Dividend (Qr) - I
6. Mutual Funds (Growth) - J
7. Sale of Farm Land - K
8. Commission (Insurance) L M
9. Interest on Bank Deposits N O
They have been filing IT returns as applicable in the past. Now they have decided to file their returns under the HUF category. They have a acquired a HUF PAN and opened a HUF Bank Account, with X as the ‘Karta’. How will their IT returns be filed in the following categories and which income of each will be filed under personal and which under HUF? In case the post does not make sense due to formatting problems, kindly view attachment.
From India, Delhi
Hi,
I was unable to address your query. If a Hindu Undivided Family (HUF) is created, you need to establish a corpus for it. Subsequently, you should invest and file its return once income is generated from the HUF corpus. Please note that your individual income cannot be directly transferred to the HUF.
If you require any further clarification, please feel free to contact me.
From India, Ahmadabad
I was unable to address your query. If a Hindu Undivided Family (HUF) is created, you need to establish a corpus for it. Subsequently, you should invest and file its return once income is generated from the HUF corpus. Please note that your individual income cannot be directly transferred to the HUF.
If you require any further clarification, please feel free to contact me.
From India, Ahmadabad
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