Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Creation of huf account

Rajiv Limbachiya (Deputy Manager) (140 Points)

24 June 2016

I am only earning person (bachelor) living with retired parents in Ahm. Married elder brother liveing separate in Baroda.

Can I open HUF account for my self and my father (separate). If yes please let me know procedure and what document required.

If I can not open, but my father can open, then can I open joint bank account with my father HUF account?

Request to all please reply asap.

Reply
Follow
Share

1 Replies

CA Ankit sachdeva (Self- Practice) (35 Points)
Replied 25 June 2016

A single male member can not constitute HUF. A single person, male or female does not constitute a family.

An HUF need not consist of two male members. One male member is enough. For example, a father and his unmarried daughters may form and HUF.

The person who manages the affairs of the family is known as the karta. Normally, the senior- most member of the family acts as karta. However, a junior male member can also act as karta with the consent of the other members .

you can make HUF with your father then you can open seprate bank account on the name of HUF. HUF is seprate entity and seprate PAN will issue to HUF. On the basis of this PAN you can the open seprate account.
Seprate ITR of HUF will be file.

you has to excecute seprate deep in below format :

DECLARATION

I, ________________ son Of __________________ Residing at ______________________ aged ___Adult do hereby declare-

1. That I am Karta of ___________________________________________ .

2.That I received on behalf of the H U F gift of Rs. ___________ by way of CASH/CHEQUE from my FATHER ___________________________(name of relative of karta of HUF) on date _______________ This formed the corpus of the HUF.

3. 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 ___________________

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

WITNESS: Signature 1. ————————————–

2. ————————————–

(_____________________)

Regards

CA ANKIT SACHDEVA

ACA, B.COM

For more detailed send mail to : ankit.k.sachdeva @ gmail.com