Dear Sir
hello
Sir i want to know the complete procedure to create an HUF
Whether a gift deed is necessary for that and what is the performa for the same.
For PAN application what documents are attached with application of the Karta
2 Replies
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 22 May 2008
HUF is defined under the Hindu Law as a family that consists of persons lineally descended from a common ancestor, including wives and unmarried daughters. This means membership into a HUF comes from one's status-family of lineal descendents with a common ancestor
The karta of HUF has to be the oldest male in the family. If he passes away, his wife cannot become the karta, but his eldest son will take his place. If he chooses not to, he can give up his right and the next son in line can take his place.
A coparcenary in HUF includes the sons, grandsons and great-grandsons of the holder of the joint family property. By virtue of their birth, they acquire an interest in the property.
The female members are simply called members.
(Guest)
I have some queries listed below regarding gift tax on HUF.
1) Can members of HUF give tax free gifts to the Karta of HUF
2) Can other relatives of HUF members give gift to the Karta of HUF
3) The maximum amount each member/relative can give per year
4) Can the members of HUF contribute to Karta in any other form like interest free Loan? If yes, then is there a limit for the loan contributed?
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