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I have got 2 incomes from two different sources. One is income of Rs 2.5/- lakhs from a business of my individual capacity. Another is an income of Rs one lakh from huf. I am the karta of this huf. This income of Rs one lakh is my share from this huf.both of these incomes are tax paid incomes i.e. net incomes.i have filed these two income tax returns separately.now should i show my share of income from huf in my individual income statement.i.e. should i write in balance sheet that my total net income is rs. 3.5 lakhs,rs.2.5 lac from a business of mine from my individual capacity and rs.1lakh from huf ?can a member or coparcener of huf spend, lend or gift his or her share of profit independly?can the profit share of the members of the huf be written in the income statement of their businesses from personnel capacity? i am willing to show my income like this to the banks also.thus i can become eligible for a bigger loans.should i do like this or not ?what does the i.t .law say?will banks consider my total income rs.3.5 lakhs or will they not consider my share of rs. 1 lakh from huf and consider my income rs. 2.5 lakhs only?please do suggest me in details

2007-02-12 21:52:11 · 2 answers · asked by sufiesidhi1 1 in Business & Finance Taxes India

2 answers

You have to file reruns as it is separatly for Induvula as well as HUF. Income tax dept. look like separate identity. you will calim all exexmption under two identity.

So far getting bank loan they will take into account your net income as net worth

Banker will consider your both income

2007-02-16 19:36:40 · answer #1 · answered by satishkumar_gindam 2 · 0 0

i love it. thanks for the hyperlink. added comments: maximum households receive diverse mailings from the authorities. The Treasury branch has between the optimal budgets in our gov't. also, businesses were wearing an unfair burden from our present day equipment for years. they ought to operate in a 7 and a 1/2% for SS tax, withhold your 7 and a 1/2, take out your fed, your state, etc. that is why maximum individuals do no longer recognize how a lot money they make or how a lot they're fairly paying the authorities. I choose all individuals would receive a bill for tax series each and each month. you save all of your income and then pay your tax like you would your homestead or vehicle. this is a watch opener for most persons.

2016-11-27 19:47:46 · answer #2 · answered by ? 4 · 0 0

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