transfer of immovable property to HUF by members

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  1. v v subrahmanyam

    v v subrahmanyam New Member

    i have two properties acquired by my father and mother separately, which i wish to transfer to the HUF to be created now consisting of my brothers and sisters. how to go about it.
     
  2. nafeesa

    nafeesa Member

    Dear shilpa..i need your suggestion.
    U/S 44AD ,8% income can be taken from turnover of business.
    Turnover means,it is only sales or it also includes other items like a)exchange rate gain,b)interest from fixed deposits used for business.
    or else we have to show separately as 8% income from turnover & exchange rate gain.
    both together under the head business income
     
  3. nafeesa

    nafeesa Member

    Ok.I understood the above provisions ms.shipla.
    But what iam thinking is if that exchange rate gain and any other interest income( say from security deposits with our suppliers) does not form part of turnover to take 8% on turnover as business income U/S SEC44ad, should we disclose these other incomes in addition to 8% turnover (or) these incomes are inclusively forms part of 8% turnover.
     
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