How to form HUF?what are legal and procedral formalities?
3 Replies
VARUN
(PCC STUDENT)
(523 Points)
Replied 09 November 2009
just open a bank account and add the word HUF in the end .... and the deed for the same is to be filled. .. .
Sahil
(CA FINAL)
(182 Points)
Replied 09 November 2009
HI MR. VARUN, IT IS NOT AS SUCH SIMPLE AS APPEAR FROM UR CONVERSATIONS
IN ORDER TO CREATE A CAPITAL BASE, U HAVE TO RECEIVE GIFT FROM PERSONS OTHER THAN MEMBER OF HUF. SO FOR INITIAL CAPITAL U HAVE TO RECEIVE GIFTS FROM OTHER PARTIES & ALSO BELOW THAN RS. 50,000 OTHERWISE CLUBBING PROVISIONS WILL APPLY.
N.N.RAJAN
(PROFESSIONAL)
(243 Points)
Replied 10 November 2009
Hai friends,
HUF is created by law. So there should be a common property. Like after the death of parents the property may be co owned by their heirs. If that is the case then you can apply for a PAN and start filing your returns if needed. HUF is not like opening other form of business like firm or company. One needs a family to form a HUF.A person acquires family on his marriage only as per hindu law and then only he can be karta of that HUF.. Ofcourse he can be a member of HUF on his birth.
Thanks.
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