FORMATION OF HUF

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DHANINDRA (Querist)
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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

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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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

SANDEEP AGGARWAL

SANDEEP AGGARWAL (Expert)
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11 January 2008 Sir,
I have Doubt Wheather HUF can be created in the present case since coparcner(male childis absent) is not there.Please clarify

kartik_somu

kartik_somu (Expert)
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20 March 2008 HUF's cab be started with atleast one male member.

There is nothing that a male co parcener should be there.

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