dwija (service) (28 Points)
09 June 2011
I have some queries regarding HUF please advice.
1. I got married in November 2010 and get some cash gift from relative and friends, which I have invested in my name. I want to create HUF with these funds. Is it possible?
2. There is no one except my wife in my family. If i form a HUF, as per Income Tax Act, the income of HUF will be clubbed with income of Karta. When and how this HUF's income will be assessed separately.
With thanks,
Dwija
vipul patel
(Ahmedabad)
(320 Points)
Replied 11 June 2011
YES ,,,You can Create HUF With this Money ther is No obigation
for your Second Quesion :- Clubing Provision is Applicable only when You transfer Any Property in HUF Without Any Cosidration otherwise clubing Provision is not Appicable
CAclubindia
