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huf related

24 January 2019

If father has five son and all five son live separately. Can it be possible father has five huf with five son if father die ? if yes how huf asset will be created for huf creation in such situation ?

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12 Replies

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 24 January 2019

Yes. As already informed you earlier but what do you mean by creation of HUF asset?

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akshay vaidmutha (bcom) (307 Points)
Replied 24 January 2019

Is gift from relative can become huf asset for creation of huf deed.

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 24 January 2019

Yes.

sucharitha (Self Employed) (395 Points)
Replied 24 January 2019

Hi,

A Hindu family can come together and form a HUF. In your case after the death of father, the five sons can come together and form a Single HUF as they are lineally descended from the common ancestor. Creating Five HUF is not possible.

Once an HUF is formed it must be formally registered in its name. An HUF should have a legal deed. The deed shall contain details of HUF members and the business of the HUF. A PAN number and a bank account should be opened in the name of the HUF. HUF has its own pan and files a separate tax return.

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 24 January 2019

Creation of 5 separate HUFs is possible. In fathers HUF only Father mother and sons will be members and not spouse and kids of sons.

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sucharitha (Self Employed) (395 Points)
Replied 24 January 2019

Son can create a HUF separately with his wife and children, can a son create a separate HUF with his father and mother without his brothers ??

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 24 January 2019

No sucharitha.

akshay vaidmutha (bcom) (307 Points)
Replied 24 January 2019

As per ruchica somani, it is possible if brothers live separately.

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 24 January 2019

Even if they live together Fathers HUF may include Father Mother and only 5 sons and Sons individual HUF will include Son himself wife and their sons.

akshay vaidmutha (bcom) (307 Points)
Replied 24 January 2019

your case about live together. if brothers live separately, can each brother can make huf with his father and its individual huf also.

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sucharitha (Self Employed) (395 Points)
Replied 24 January 2019

Exactly Ruchika, I have another doubt why can't fathers huf doesn't include sons wife and children they also come under the same family isn't it?

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 24 January 2019

Obviously by default fathers HUF include sons wife and children but if son wishes to start his own HUF then in that case Fathers HUF wont include sons ife and childrens.

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