Menu
Creation of huf
Dear Sir/Madam,
Can HUF be created by receiving gift from brother or sister of individual's either of parents? or HUF can be created only by gift receiving from member of huf or lineal relative of individual?
Replies (1)
Huf is created by preparing huf deed.
Thereafter you are required to apply for pan card on the basis of the huf deed. Separate pan card is required as income tax act identifies it as a separate entity.
After you receive the pan card you can open a bank account in the name if huf.
What you are saying is creating the corpus for the huf. Huf corpus can be created by receiving gifts. Gifts received from members is tax free however aggregate gifts received from non members is tax free only upto Rs. 50,000/-.
Recent Threads
- GSTR 2B ( MULTIPLE MONTHS )
- Eway bill generation for export material.
- International Tax clarification UK.
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
- 194a for A y 2024-25
- Compensation & Benefits
Related Threads
CAclubindia
