HUF Date of creation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2011 I have been started business in the name of my HUF 3 years back by Rs. 100000 capital gift from my father. at that time i have applied for pan card. Date of creation printed on my pan card is DOB of my son ie. 15/07/1988. but ihave not form any deed.
My question is Whether I can creat deed now.

Which HUF creation date i have to mention in deed. Date on pan card or date of gift received or date of creation of deed

U S Sharma

U S Sharma (Expert)
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02 July 2011 no need to form any deed right now, if u need any legal document then only make affidavit with date of creation and members therein.

Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2011 i need it to open a bank account.

which date of creation i have to mention in affidavit

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

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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02 July 2011 There cannot be 2 or 3 dates for creation of your HUF. First of all you should understand how the HUF is created. It is created by birth. When a Hindu is Born except in the State of Bengal and Assam, he is born with 2 status one is individual and the other with HUF status. Till he is married he cannot file the return of income in the name of HUF as because there was no member who can claim partition.

There is no deed for creation of HUF. In your case since you have received the gift it must have been mentioned in the said deed that the entire amount is for your family and you cannot use for your individual purpose. Hence, no separate deed is required.

For opening a bank account collect the form from the bank fill it up and along with a copy of PAN card submit it to the Bank a Savings account can be opened. For proof of residence submit the documents which is available in your individual capacity.

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CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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02 July 2011 Deed is not required to form HUF.

For opening bank account of HUF, you need PAN of HUF, A declaration of all coparceners or members as required by Bank, ID proof and address proof of Karta.

HUF formation date in case of your HUF is 15/07/1988 which seems correct.