Adding assets to HuF after its formation

Chaitanya (Service) (3 Points)

07 July 2024  

Hello Everyone,

I formed an HUF (Hindu Undivided Family) with my wife using the money we received during our marriage, and it has been 10 years since its formation. Recently, I inherited an asset from my father through his will. I would like to know if I can add this asset to my already established HUF.

Firstly, was the formation of my HUF done correctly? If I add the asset I received from my father, will there be any taxation issues? If it is possible to do so, how should I proceed? Should I create a new HUF or append the document to the existing HUF agreement?

Thank you for your guidance.