HUF ......

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2011 Mr. A is running business in his HUF name since 3 years but he has not created any HUF deed. he has a PAN card in HUF name.
Now he want to file income tax returns for last 2 years.
Can he form a HUF deed from back date and file its income tax returns ?

Please reply

Ravikant

Ravikant (Expert)
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27 June 2011 there is no need of HUF deed
he can file returns from the date of formation mentioned in the PAN itself,

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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27 June 2011 How you will create a HUF Deed? HUF is created through partiton of bigger HUF and in come cases through the Gifts. Now, the main question is wherefrom the HUF got the capital for starting the business. If it is borrowed funds then there is no issue but it is out of gift then that must be supported through the Gift deed and who has given the gist. Kindly brief me the source about the capital with the HUF

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Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2011 agrawal sir,

source of capital is ancestral property and gift.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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02 July 2011 Is is cash or kind? What is the liquidity? What it is written in Gift deed is more important and how HUF has received the Gift is also to be seen.