ASN Professionals (Business Development) (78 Points)
23 November 2012Son inherited property after father's death since he was the nominee. This is father's self-acquired Fixed deposits etc . Deceased Father didnt have a HUF first nor anyone in their family. Son has been filing his individual returns for the income from this FD.
Can son declare a HUF using this property in his HUF? Son's HUF will have his wife and kids.
Can he include his mom in this HUF?
Pankaj Gupta
(CA final & M.Com Student)
(3358 Points)
Replied 24 November 2012
Yes the son can use such fdr as asset of huf .
Process of forming huf:-
1. Apply for PAN by using id proof of karta.
2. Membership in huf is since birth. ie membership in huf is not accquied from any legal compliance. Every child that is born in the family is a member of huf. Hence in the huf, members can be father and sons+daughters only.
3. Wife/ Mother are members of their father's huf.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
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