HUF
by Manish Shah on Apr 20, 2007 02:09 PM Permalink | Hide replies

My wife and I are earning salaries. I have dependant parents. I also own properties that generate rental income.

Would it be better if we are assessed as individuals or as a HUF?

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RE:HUF
by UMESH BANSAL on Apr 20, 2007 03:10 PM Permalink
no its depends upon the situation. it depend on the factor no body can help u if u not tell all the factor related to this. Please consult ur ca

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RE:HUF
by Pawan Sachdeva on Apr 20, 2007 03:28 PM Permalink
please note if you form a HUF it does not mean that any earning by u in individual capacity can be taxed as HUF rather it wud be taxed on individual, however rental income from property can be taxed under HUF and while doing so your HUF will get separate exemption and as individual your salary income wud be exempted. this pobably is the best way minimising the tax incidence.

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RE:HUF
by sanath pachipala on Apr 20, 2007 03:29 PM Permalink
You and your spouse have to be assessed as individuals only. However if the properties are in your parents name you can form a huf and get the rental income in huf. so that you can save tax

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