26 February 2010
My Family consists of myself (28 yrs), my wife (26 yrs), my mother (51 yrs), and my grandmother (76 yrs). I wanted to know if i can open a HUF account under this circumstances, so that i can have an additional income tax slab. My family holds agricultural land, but as of date the income from these has been showed in personal a/c. Thanks in advance for ur response
Guest
Guest
(Expert)
26 February 2010
HUF includes only male members of the family as per the act.
You can open a HUF account, if and only if, you have ancestral property, such as land, gold etc.,
CAclubindia
