Regarding HUF
This query is : Resolved
27 November 2010
Dear Sirs
I am making softwares as per clients order & total sale of software & AMC Charges goes to approx Rs. 4 Lacs & i am also doing the business of Labels which are used in my software & net profit from this business goes to Rs. 1 lac I am doing both the business under the name of Nitee Infotech & i am the proprietor
Now i want to ask that can i form a HUF and transfer my 2nd business to that HUF and save the tax and also tell me the formalities to form the HUF and other obligations which i face after forming HUF
I am married and also have a daughter
so please reply & give me detailed knowledge
Please give me guidance
Thanks
I am making softwares as per clients order & total sale of software & AMC Charges goes to approx Rs. 4 Lacs & i am also doing the business of Labels which are used in my software & net profit from this business goes to Rs. 1 lac I am doing both the business under the name of Nitee Infotech & i am the proprietor
Now i want to ask that can i form a HUF and transfer my 2nd business to that HUF and save the tax and also tell me the formalities to form the HUF and other obligations which i face after forming HUF
I am married and also have a daughter
so please reply & give me detailed knowledge
Please give me guidance
Thanks
28 November 2010
Regarding the formation of HUF the process is as under :
1) Declaration from the person who has given a gift to your HUF stating that he has given gift to your HUF & that he ceases to be the owner of the said property given as gift.
2)Apply for PAN No. inForm No. 49A
3)Open a Bank account in the name of HUF.
Gift should not exceed Rs. 50,000/-.
1) Declaration from the person who has given a gift to your HUF stating that he has given gift to your HUF & that he ceases to be the owner of the said property given as gift.
2)Apply for PAN No. inForm No. 49A
3)Open a Bank account in the name of HUF.
Gift should not exceed Rs. 50,000/-.
28 November 2010
to create a HUF THERE SHOULD BE ANF ANCESTRAL PROPERTY OR U SHOULD RECEIVE ANY GIFT FROM OTHERS
AFTER THAT APPLY FOR PAN IN THE STATUS OF HUF
AND ALSO BANK ACCOUNT
YOU CAN START YOUR BUSINESS IN THE NAME OF HUF
AFTER THAT APPLY FOR PAN IN THE STATUS OF HUF
AND ALSO BANK ACCOUNT
YOU CAN START YOUR BUSINESS IN THE NAME OF HUF
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