31 May 2015
Yes it can be created with husband and wife. If you have ancestral property and earning some income from this property, then it is better to transfer this asset to HUF and save tax up to exemption limit applicable to individual.
01 June 2015
Yes it can be. If you have ancestral property, it can be treated as the property of an HUF and income from the same can be the income of HUF.
CAclubindia
