Hi Friends,
1. Can person having business have Hindu Undivided Family [HUF] File in Income Tax Dept.
If Yes, then what is format of HUF & At what amount Stamp Paper is required.
Can anyone provide me format Of HUF in Word Format.
Regards
Sanjiv Shah
Sanjivkumar Shah (Account Manager) (286 Points)
15 May 2008Hi Friends,
1. Can person having business have Hindu Undivided Family [HUF] File in Income Tax Dept.
If Yes, then what is format of HUF & At what amount Stamp Paper is required.
Can anyone provide me format Of HUF in Word Format.
Regards
Sanjiv Shah
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 15 May 2008
you will make HUF deed on Rs.100/- stamp include all members name in your family like wife son,daughter take signature from whome who are 18 years and above then you will open a bank a/c in huf's name then apply for pancard
from where you will introduce capital it is important if you are taking any gift then you will brought gift maximum 150000/- in this year u/s 56(2)(VI)
bishan singh negi
(service)
(104 Points)
Replied 16 May 2008
could u please tell me if huf gives gift to its member is this taxable in the hands of member
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 17 May 2008
IF GIFT IS IN EXCESS OF RS.50000/- IN THE YEAR TEHN IT IS TAXABLE BUT IF INDIVIDUALS INCOME IS LESS THAN BASIC EXEMTION THEN IT IS NOT TAXABLE
CAclubindia
