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Formation of huf and clubbing provisions ?

This query is : Resolved 
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(Querist)
08 August 2013 one of my client is a salaried assessee falling in 30% slab rate. His family includes wife and minor daughter.

he wants to form a HUF and make investments in the name of HUF.

He will gift salary income to HUF and HUF will invest in FD/MF/shares etc.

MY question :
1. whether clubbing provisions will be attracted on the income earned by HUF ?
2. Is this planning advisable ?

waiting for the views of the experts.
Thanks in advance.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
08 August 2013 PLEASE REFER SECTION 64(2).
YOU WILL FIND THAT THE INCOME IS CLUBBED.
.
THE PLANNING WILL GIVE ITS IMPACT AFTER A PERIOD WHEN THE INCOME DERIVED FROM SUCH INVESTMENT START TO GENERATE CERTAIN INCOME.
SUCH "INCOME FROM INCOME" WILL NOT BE CLUBBED.
.
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