02 October 2013
How to create New Huf? who can give gift to HUF? can Karta him self give gift to Huf? If no then from which sources Huf will get money for purchasing assest and to run the business?
03 October 2013
HUF is created through HUF deed Only. For creation of HUF you need Karta's proof and HUF deed to obtain PAN and on behalf of PAN you can open Bank Account.
if karta or any member of HUF gift to HUF is will be clubbed as per income tax act.
you can start business as HUF can be proprietor and you can show income or else received property or gift from karta's parents or grand parents.
FORMAT OF HUF CREATION DEEDS FORMAT-I DECLARATION I, ____________________________ son Of ___________________________________ Residing at ____________________________________________ aged ___Adult do hereby declare- That I am Karta of ____________________________________________ That I received on behalf of the H U F gift of Rs. ___________ by way of CASH/ CHEAUE from my FATHER ________________________________(name of relative of karta of HUF) on dt. _______________ this formed the corpus of the HUF. That the HUF at present is consisting of the followings members- I) Shri _____________________, Adult, Residing at _________________ II) Smt. _____________________, Adult, Residing at _________________ III) Kumari _________________-Minor, Residing at ___________________ That the above statements are true to the best of my knowledge & belief. Declare this on _________________ WITNESS: Signature 1. _______________________________________ 2. _________________________________(_____________________) FORMAT- II [To be executed on Rs. 100 Stamp Paper in Maharashtra] DECLARATION OF GIFT MADE BY ________________________ TO THE HINDU UNDIVIDED FAMILY OF ___________________ I, _____________________________, residing at _______________________ ____________________________________________________________, do hereby declare and affirm as under: 1. That out of natural love and affection borne by me towards the Hindu Undivided Family of ______________________________, I have made a gift of Rs.______ (Rupees _________________ only) as per the following details: By Cheque No.________, dated __________, drawn on Bank ____________________, ________________ Branch, in favour of ________________________ HUF. 2. The above Gift has been duly accepted by ________________________, as Karta of his Hindu Undivided Family and has been duly acknowledged hereunder. 3. This Declaration of Gift is made to record the fact that I have made this Gift in favour of the Donee as above, who now has the absolute right, title and interest in the gifted amount. Date: ___________, 200__ ___________________ (Signature of the Donor) ACKNOWLEDGEMENT OF GIFT I, ________________________, hereby acknowledge having received the above gift made to my Hindu Undivided Family by _________________________. Date: ___________, 200__ ___________________ (Signature of the Donee as Karta of his HUF)
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