Creating huf after death of the father.
This query is : Resolved
02 February 2016
A father left behind some ancestral and deposits (made from salary savings) to his wife and two major sons (unmarried) in the year 2006. Now they want to create HUF and transfer these assets to the corpus of HUF.
Please guide me on tax treatment of the same.
Read more at: https://www.caclubindia.com/
Please guide me on tax treatment of the same.
Read more at: https://www.caclubindia.com/
02 February 2016
HUF can be created any time. However, it comes into existence naturally, when a male child gets married and starts his family.
You may follow the below three step process for creation of HUF:
1. Create a HUF deed consisting of Karta and members / coparceners;
2. Apply for a separate PAN card for HUF;
3. Open a separate bank account for HUF.
You may follow the below three step process for creation of HUF:
1. Create a HUF deed consisting of Karta and members / coparceners;
2. Apply for a separate PAN card for HUF;
3. Open a separate bank account for HUF.
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