Is the ancestral property necessary for creation HUF, in case only one family member has higher income and none of the members have any income, what we have to do for creation of HUF in this case , please help me out
1 Replies
sanjay singhal
(CA)
(987 Points)
Replied 01 July 2013
There must be a asset (cash'property or other any type of asset) held for the common benefit of all the members of huf. It should be come from ancestror. Any income generated therefrom will be taxed in huf hands.
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