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X and Y are husband and wife. Their incomes are shown separately in the following table:-
Ser No. Type of Income Individual Incomes
X Y
1. Pension (Govt Job) C -
2. Sr Citizen Sav Scheme D E
3. Farm Income (Agriculture) - F
4. Fixed Deposits G H
5. Mutual Funds Dividend (Qr) - I
6. Mutual Funds (Growth) - J
7. Sale of Farm Land - K
8. Commission (Insurance) L M
9. Interest on Bank Deposits N O
They have been filing IT returns as applicable in the past. Now they have decided to file their returns under the HUF category. They have a acquired a HUF PAN and opened a HUF Bank Account, with X as the ‘Karta’. How will their IT returns be filed in the following categories and which income of each will be filed under personal and which under HUF? In case the post does not make sense due to formatting problems, kindly view attachment.


Attached Files
File Type: docx HUF IT Return Query 010618.docx (14.9 KB, 11 views)

Hi,
Not able to get to your query.
If HUF is created you need to create corpus of it and then invest and file its return once income is generated from HUF corpus, your individual income can not be taken to HUF directly.
In case of any further clarification, feel free to contact me.

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