How does creation of an HUF provides tax benefits to the assessee?
Query - creation of HUF as a tax planning measure
Vidya (Service with a reputed CA firm) (75 Points)
03 March 2010
5 Replies
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 03 March 2010
income from other sources like interest , share trading, capital gain, or even a new business can be run in the name of huf, and by creating a separate huf u will be able to get threshhold basic exemption limit as well 80 c and other benefits.
Vidya
(Service with a reputed CA firm)
(75 Points)
Replied 03 March 2010
Thank u sir.
But doesn't that amount to open evasion of tax.. v wont be doing any sort of business out of that HUF!!
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 03 March 2010
are yaar anything can be planned in such a way that it will not look tax evasion just proper planing and documentation needed
vishal
(article ass)
(27 Points)
Replied 17 October 2012
Help regarding following matter in creation of HUF:
My father died 10 years ago and he was holding some shares which i transferred to my demate a/c after my father's death. my mother died 3 years ago. we are 3 brothers and 3 sisters of which i am elder and only married, others are unmarried. now i want to know that can i create my HUF and transfer shares received from my father as i have filed my return these shares valuing RS.18 lac are not shown in my IT return
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