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Raising capital for forming huf firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 July 2015 Can I as an Individual entity transfer (permanently or Temporarily) my saving to form HUF, in which I will be a karta.

Also, can I use my wife Corpus for the same purpose, in which she will be as co-parcener?.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
16 July 2015 If you transfer assets to the HUF, the income earned by the HUF from those assets will be clubbed in your hands as per Section 64(2) of the Income Tax Act.

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