Mohanlal, Karta of a family business, died in a road accident. His son received compensation from the insurance company. Can this income be treated as HUF income?
A. Yes, because he is a karta of family business.
B. No, because he is a karta of family business.
C. No, because insurance compensation is in place of Mohanlal so it will be handed over to his son only.
D. None of the above
Answer:C
Mohanlal, Karta of a family business, died in a road accident. His son received compensation from the insurance company. Can this income be treated as HUF income?
A. Yes, because he is a karta of family business. B. No, because he is a karta of family business. C. No, because insurance compensation is in place of Mohanlal so it will be handed over to his son only. D. None of the above