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ritesh shah

HI,
I have recently created a HUF with my Dad, where I am karta (as per ITAT online ), and dad coparcener (my HUF DEED consist ONLY me and Dad )
For financial tax planning suggest safe ways to avoid clubbing provision and Tax Notices from below.

—----
Option 1: BRINGING RENTAL INCOME TO HUF
I am co-owner in a purchased office with my parents (during 2005, my age around 23 at that time), NOW, I want to bring in rental income to HUF without getting Clubbing provision.

> Query 1. From the following which is safest way without getting IT NOTICE, or tell me best solution available with you.
1. Making a registered gift agreement by karta (doner) to huf (donee) without any consideration, so, will that get clubbing provision on earned    or
2. making first LONG LEASE agreement between karta (landlord) and HUF (AS A TENANT) , (where 3000 rent paid by KARTA to HUF     &    In the second agreement, by way of sub tenancy or Leave & Licensing same office at 30000 license fees from licensee MR.ROHIT , so karta receives 3000 rent from huf, and huf receives 30000 license fees from its licensee? Here as HUF is receiving License fees and also paying rent to Karta so clubbing provisions will apply in such a case?. )    or
3. Karta makes will in favor of HUF, so inheritance is denied from karta’s side and SO DOES clubbing apply here.?
 
==========

Option 2. LOAN

To bring my investment in HUF  without clubbing,  Karta gives loan to HUF at 0.5 to 2% per year and huf makes investment , earns interest at approx 10 % per year

QUERY 2. 
1. Does IT Dept allows 0.5 to 2% annual interest Income tax??
2. How much loan can be given to huf safely? 
3. for  this , is it Required to make a notarised  LOAN  agreement for IT Dept?  And is this safe option?
4. How to disclose to income tax about transferred amount as loan?

============

 Option 3, GIFT

Any income from gift given by karta or coparrcener to HUF will bring clubbing provision so,
if,

QUERY 3
1 >>> My UNCLE’S SON , a BLOOD RELATIVE, BUT NOT MEMBER OF HUF , as was not included in HUF DEED., AND AS NOT MEMBER OF HUF he WONT GET CLUBBING, right?,
2. SO ANY GIFT FROM HIM OR DISTANT RELATIVES WHO ARE NON MEMBERS FATHER’S SIDE WILL BE TAX FREE?
3 . >> and DOES special OCCASION REQUIREd to validate GIFT?
most important >> 4. yearly how much gift from relatives and Loan from Karta to HUF should be transferred safely without getting Notice by IT Dept , in this HUF's first commencement year?

===============


Option 4 , INHERITANCE

1. In ancestral property from my mother’s side can i bring MY 33 % share+ additional 33 % share received as gift from my aunty?
2. Which documents (gift deed etc?) need to be prepared, where HUF will be mentioned as beneficiary ?    
3. is MOTHER'S LINEAL side property is allowed to be added in HUF as inheritance?
And 
apart from above , in first commencement year of HUF, SAFELY HOW I can RAISE HUF CAPITAL AND TRANSFER RENT AND  FUNDS  WITHOUT involving  CLUBBING PROVISION and  IT NOTICE ? 
>  (Our income includes from rent of co-owned property and interest from investments)
  

Thanks and kind regards,

ritesh shah - 8779496245


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