Huf
This query is : Resolved
17 October 2012
Help regarding following matter in creation of HUF:
My father died 10 years ago and he was holding some shares which i transferred to my demate a/c after my father's death.After that there was some bonus shares and i also purchase some shares. my mother died 3 years ago. we are 3 brothers and 3 sisters of which i am elder and only married, others are unmarried. now i want to know that can i create my HUF and transfer shares received from my father as i have filed my return these shares valuing RS.18 lac are not shown in my IT return.
My father died 10 years ago and he was holding some shares which i transferred to my demate a/c after my father's death.After that there was some bonus shares and i also purchase some shares. my mother died 3 years ago. we are 3 brothers and 3 sisters of which i am elder and only married, others are unmarried. now i want to know that can i create my HUF and transfer shares received from my father as i have filed my return these shares valuing RS.18 lac are not shown in my IT return.
17 October 2012
There are case laws stating HUF can not be created. It is very much in existence as in your case. There was no need to show the said shares in income tax returns. (Wealth tax return is a separate return by itself) Now you want to transfer these shares to your smaller HUF right? You can very well do that... no problem
17 October 2012
In my openion this is disputable as you have showen these shares in your personal itr and these same are in your personal demate a/c therefore it seems problem to create common hotcpot of huf.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
