Huf

This query is : Resolved

CA GIRISH AGARWAL (Querist)
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18 August 2011 I am a student of CA Final..
I want to know that How we can create HUF and what are the benefits of creating HUF from the point of Income Tax or any other purpose.

Please solve my problem
Thanking You

SUMIT KUMAR MEHARIA

SUMIT KUMAR MEHARIA (Expert)
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19 August 2011 FOR CREATION OF HUF SPOUSE AND ATLEAST ONE CHILDREN REQUIRED. BY A HUF DEED CREATED BY KARTA AND OTHER MEMBERS HUF CAN BE CREATED.

FOR THE POINT OF TAXATION IT IS USEFUL SINCE 1.80 LACS ADDITIONAL BENEFIT CAN BE TAKEN

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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19 August 2011 Regarding creation it may kindly be noted that on marriage also HUF can be created which does not require any document. You can do business in the name of your HUF by taking loan of gift from your father or mother.

Yes there is benefit in IT as suggested by the expert

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