18 June 2010
to have capital in huf account we should take following steps
we should have opened a bank account first (not must) but it is advisable so that we can have transaction by cheques .
Apply for permanent account number (pan)
Formation of capital of huf,Transfer money by gifts etc to HUF capital keeping in view the clubbing provisions and tax on gifts under Income tax act,Remember there is no Tax on gifts in kind though they may attract clubbing provisions in some cases.
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