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Creation of huf

sagar (mathura) (214 Points)

03 October 2015

friends i want to create Huf what step i need to take for that pls come up with your valuable reply

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Vishal Goel (Chartered Accountant) (1688 Points)
Replied 03 October 2015

To create a HUF, 3 things are required i.e.

Step 1: Create HUF Deed

Step 2: Apply for HUF PAN Card

Step 3: Open Bank Account of HUF

The 1st Step in creating a HUF is to create the HUF Deed. The HUF Deed is a written formal document on a Stamp Paper stating the names of the Karta and the Co-parceners (Members) of the HUF. The eldest male member of the HUF becomes the Karta of the HUF.

A declaration is also provided by each member of the family where they declare the name of Karta and also state that –

Karta has the authority of the accounts vested in his hand
That the members are the only members of the HUF
The Karta holds the right to govern all the transactions of the HUF accounts on behalf of the members.

The names of the members of the HUF and the name of the HUF are also required to be stated in the HUF Deed at the time of creation of HUF. The name of the HUF is usually the name of the Karta followed by the word HUF. For eg: If the Karta of the HUF is Vishal Goel, the name of his HUF would be Vishal Goel HUF.

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sagar (mathura) (214 Points)
Replied 03 October 2015

Thanks for your answer Pls tell me grom where did i get language of the Huf deed and what price of stamp paper should i take

Vishal Goel (Chartered Accountant) (1688 Points)
Replied 03 October 2015

FORMAT OF HUF CREATION DEEDS

DECLARATION

I, ____________________________ son Of ___________________________________ Residing at ____________________________________________ aged ___Adult do hereby declare-

That I am Karta of ____________________________________________

That I received on behalf of the H U F gift of Rs. ___________ by way of CASH/CHEAUE from my FATHER ________________________________(name of relative of karta of HUF) on dt. _______________ this formed the corpus of the HUF.

That the HUF at present is consisting of the followings members-

I) Shri _____________________, Adult, Residing at _________________

II) Smt. _____________________, Adult, Residing at _________________

III) Kumari _________________-Minor, Residing at ___________________

That the above statements are true to the best of my knowledge & belief. Declare this on _________________

WITNESS: Signature

1. ————————————–

————————————

2. ————————————– (_____________________)

—————————————————————————————————-

—————————————————————————————————————-

sagar (mathura) (214 Points)
Replied 03 October 2015

The karta's father from whom Huf received need not be a member of Huf Is it right or not

sagar (mathura) (214 Points)
Replied 03 October 2015

Sorry for misinterpreted My mean was from whom Huf received Gift

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Vishal Goel (Chartered Accountant) (1688 Points)
Replied 04 October 2015

Hello,
If HUF received gift from its member then it will not taxable...

sagar (mathura) (214 Points)
Replied 04 October 2015

As you mentioned above in declarion that karta rreceive gift from his father rs.......... My Question was that karta's father need to he a member of Huf or not.