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Huf: date of incorporation and coparcerners

Neil Gore (other) (33 Points)

29 August 2016

Can we choose any date after marriage as date of incorporation of HUF when applying for HUF PAN? (even 30 years after marriage?)

Is there a choice on who to include as coparceners of HUF or all heirs are by default coparcerners?

Thank you!!

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9 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 29 August 2016

1. Yes you can do that.

2. No. all the family members are included by default.

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Neil Gore (other) (33 Points)
Replied 03 September 2016

Sir,

Thanks for your propmt answers.

Regarrding the date of incorporation of HUF - this person is applying for HUF PAN now after 30 years of marriage. What's the best option to choose as the date of incorporation? If he chooses the a date say of year 1999 - will there be questions as to why no returns were filed since then?

He had taxable income in HUF only since last 2 years for which he is going to file returns now.

Please guide. Thanks in advance.

raghavan (self) (611 Points)
Replied 03 September 2016

what is the source of initial amt,funds or wealth. it should be a ancestral property share, or donated by some or group of relatives. we should be able to vouch for them. it is better to create hug after child berth in a marriage by individuals single or jointly. a separate deed is to be made ready Indicating

raghavan (self) (611 Points)
Replied 03 September 2016

the source, members coparceners etc. based on the deed we can apply pan with deed date as date of incorporation. I.e the right method. all funds income and expenses to be accounted for seperately .

CA.Vinita Gupta (Deputy Manager- Finance) (2923 Points)
Replied 03 September 2016

Any date after a child is born may be chosen, For applying Pan you need to have a HUF Deed mentioning the details of the corpacencers. The deed must be preferably on Stamp paper and signed by the Karta and the witnesses, Separate bank account may be opened by the HUF, Ancentral properties or gifts from relatives may be incorporated in the Deed

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Neil Gore (other) (33 Points)
Replied 03 September 2016

Thank you!

Do Karta's son in law / daughter in law and grandchildren become part of the HUF by default or only wife and children. Karta has no inherited property.