HUF Account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2010 My Family consists of myself (28 yrs), my wife (26 yrs), my mother (51 yrs), and my grandmother (76 yrs). I wanted to know if i can open a HUF account under this circumstances, so that i can have an additional income tax slab. My family holds agricultural land, but as of date the income from these has been showed in personal a/c.
Thanks in advance for ur response

Guest

Guest (Expert)

26 February 2010 HUF includes only male members of the family as per the act.

You can open a HUF account, if and only if, you have ancestral property, such as land, gold etc.,