Ankur Singhal (Student) (34 Points)
11 February 2024
Saravanan nagaraj
(463 Points)
Replied 11 February 2024
To form HUF is one of the good way to distribute the shares of income but the same time there are advantage and disadvantage into this.
Instead of transfer the property into HUF, Transfer property through gift to spouse and children aged above 18, also a good idea know.
You won't get any future disagreement with family members. There is no taxable when transfer to family members under Income tax.
Or ask him to start new proprietor business in the name of his spouse or son or daughter. You can split his business transactions. In this way, you can reduce his burden. It is legal way too.
Somehow, their family members are going to take care of his business in future. Why don't you try now. This is a difference between tax evade and avoid. You can use avoid.
🙏 Thanks.
CAclubindia
