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Building HUF Capital

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(Querist)
15 March 2022 I and my wife contribute 2 lakh each into our newly created HUF. We invest 1.5 lakh in Tax saving ELSS. The HUF income of 4 lakh will attract zero tax taking into account 80C deduction of 1.5 lakh, right?

If we invest remaining 2.5 lakh in stock markets, will the capital gains from these equity investments be clubbed with our individual incomes through clubbing provisions? We already treated 2 lakh amount (each) as taxable in the hand of HUF.

Can we continue to invest 4 lakh each year in the above manner to build capital of the HUF?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 March 2022 To create HUF, at least two coparceners are required either son or daughter. Therefore only husband and wife cannot create an HUF, unless the property has been received by a coparcener on partition or otherwise.
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Abhishek Jain

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Abhishek Jain (Querist)
15 March 2022 I have me, my wife and daughter (12 year old) in my family.
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