Types of Income of a HUF

Share This Thread
  1. nehal koradia

    nehal koradia New Member


    What type of income one can show in huf?

    please rely......

    VAIBHAV DILIP RANE Active Member

    @nehal koradia

    Income From House Property,..
    Income from Business or Profession,
    Income from other Sources,.. etc...

    HUF is also come under Income Tax Slab Rate as applicable to Individual.

    Please clarify, what Income you want to show ? So we can advice you Properly...
  3. Diwakar

    Diwakar New Member

    Hi Sir

    I was told that Fixed Deposits till 30 lacs is non taxable in HUF , Current a/c.
    if true kindly tell the procedure to utilise this
  4. Karan Batra

    Karan Batra Well-Known Member

    Dear @Diwakar

    If you invest 30 Lacs in FD @ 9%, it would earn interest @ 2.7 Lacs p.a.

    If the HUF also claims benefit of deduction under Section 80C of Rs 1 Lacs, the net taxable income of HUF would be Rs. 1 .7 Lacs only.

    As per income tax slabs, no tax is levied on net taxable income upto Rs. 2 Lacs and therefore no tax would be levied.

    Therefore, no tax is levied on FD of Rs. 30 Lacs in the name of HUF (Assuming the HUF does not have any other income)
  5. nehal koradia

    nehal koradia New Member

    But karan sir....how to introduced that 30 lakhs to huf for the first time?
  6. Karan Batra

    Karan Batra Well-Known Member

    Prakash Jha likes this.
  7. nehal koradia

    nehal koradia New Member

    ok sir.... information worth to know......ty......
  8. vihar patel

    vihar patel New Member

    Hello Sir

    I and my father expecting a gift from a relative.Both my father and i come in taxable income.
    So i am planning to create huf for some tax saving purpose.

    My Question is

    1)did HUF deed and Gift deed Required(compulsory) to form HUF?

    2) If my father create HUF and i am a member of that, can i receive a gift on my name in that huf?

    2). I know that from relative there is no gift amount limit and from non-relative it is 50000, but after i receive gift say 150000 from relative and 50000 from non relative , and i invest in FD and earn interest 18000 a year. Huf income is 18000 for that year or 218000 for that year?
  9. Karan Batra

    Karan Batra Well-Known Member

    Dear @vihar patel

    1. Creating HUF Deed is not mandatory to form HUF. It is optional. Kindly refer: http://www.charteredclub.com/create-huf-deed/

    2. All gifts should be received in the name of the HUF

    3. Taxable Income of HUF in the case mentioned by you would be Rs. 18,000 only as the gifts received as mentioned above would not be liable to tax
Draft saved Draft deleted
Similar Threads Forum Date
What is the meaning, objectives & benefits and types of ESOP’s Income Tax Aug 31, 2015
mening of assessment &what are various types of assessments Income Tax Jul 23, 2014
Income Tax on Delay Penalty adjusted by builder in final demand Income Tax Nov 14, 2018
Income Tax Return Filing Date Income Tax Oct 6, 2018
How To Check Income Tax refund Status? - Simple steps by step guide. Income Tax Oct 5, 2018