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
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2 answers
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asked by
sufiesidhi1
1
in
Business & Finance
➔ Taxes
➔ India