09 January 2008
Can a HUF be formed by husband, wife and female by way of Gift. If there is any legal problem. Please prvide any case law if possible. Thanks
11 January 2008
HUF can be formed by husband,wife and one children if you open a bank account in the name of huf there after you will take a gift from any body.total gift does not exceed rs.1.1/-lakhs durig the year otherwise it will taxable.your new huf is created you will be the karta of huf and seperate entity is establised.But in Kerla huf is abolished. by legal term you will make a huf deed in 100/ rs. stamp paper and notarised it and apply for pan card to income tax
CAclubindia
