12 March 2010
One of my neighbour father has created HUF and transfered all the property to the HUF and on his own name he filed the businees income.He is to file the property income on the HUF name. On death of the father the son had written letter to the income tax dept that since my father is dead I request you to close my father file and the HUF file. The PAN card of the HUF is lost and not submitted to the department. Since he is the only son the business was transfered to his name. He now wants to continue to offer business income under individual name and offer rental income under HUF name. My questions are:- 1)Can a HUF be closed by just submitting a PAN card to the department? If no what is the procedure to close the HUF? 2)If the person wants to continue with the old HUF what is the procedure to be adopted to get back the PAN card and reopen the file? 3) Which is a better option
15 March 2010
in huf is to be closed it requires complete partition according to provisions of income tax for which you may contact a known tax professional
if huf in to be carried over than things will remain same and new man has to sign the ITRs
CAclubindia
