About HUFs

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hitesh (Querist)
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18 December 2010 Can anybody help me about HUF related questions

Q.1 What is the legal procedure to create HUFs(Except the members related because i know who can create it but don's know how to legally create it means which legal procedure to be follow),is there any legal form or deed require to fill up and if yes than how i can do so.

q.2 which benifits my family will get if we create it.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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18 December 2010 1. Just Make a HUF Deed on Stamp paper & Get Duly Stamped.Signed by Karta & Member.& Two Present member.
2. Mainly HUF Created For Income Tax Benefit

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hitesh

hitesh (Querist)
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20 December 2010 thanks for reply Ayush sir, but which benifits in Income tax HUF will get? Can you please expalin with example.

also, further,to make a deed what is the value for stamp.

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CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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20 December 2010 U Can Take any Value of Stamp say rs. 10/-

and benefir that a individual take that is basic exemption rs. 1.6 lacs....

hitesh

hitesh (Querist)
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21 December 2010 ok than by what time HUFs created means after registration we immidiately becomes member of HUFs or is there any further procedure after compliting stamp procedure.?