How to form a huf

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2014 RESPECTED SIR,

I AM ADVOCATE AND MY WIFE IS A GOVT. TEACHER, I HAVE 3 CHILDREN (1.ARNIMA FEMALE AGE 11YEAR, 2.ARYAM MALE AGE 8 AND 3 SIDDHI FEMALE 3 YEAR).

NOW I WANT TO FORM HUF AND I WILL BE THE KARTA OF THE HUF…… MY QUESTION IS AS FOLLOWS :

1. MAY I FORM HUF ?
2. I WILL BE THE KARTA?
3. CAN WE (ME AND MY WIFE) CAN GIFT TO HUF? AND HOW MUCH? THERE IS ANY LIMIT? AND HOW TO GIFT TO HUF?
4. INCOME FROM HUF IS CLUBBED IN ANY OF US (ME AND MY WIFE) ?

THANKS AND REGARDS

Ashish Kamthania

Rupesh Jain

Rupesh Jain (Expert)
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12 June 2014 you already are HUF, HUF not creat by you.

you & your wife cannot give any gift to HUF if you give gift then income from gift will taxable in hand of donor.

any one can give gift to your huf. up to Rs. 50000/- and it will not taxable in hand of HUF.

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