how to form HUF

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ArrowsIndia (Querist)

31 October 2009 Dear Sir,

I want to form HUF to split my income,Please tell me what are the formality to form an HUF and how can I apply for PAN for HUF
Inder

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)

01 November 2009 There are two options one if you have any ancestroal property may be jewellery also is ok and it should have been reflected in your parents file if they are assessee. Sell some 25000 worth of jewellery and receive the bill from the vendor who is purchasing it and that becomes corpus for the new huf. Husband and wife and children.

If no ancestroal property is there then on the date of marriage you should collect letters from friends that they are gifting you 1500 or 2000 and in their letter they should state that it should be utilised for your future family kith and kin and that becomes a corpus of the huf.

Based on this you have to build up the file and can get pan and assessement will be done by assessing offficer based on your doucments.

If you require any other details or to form huf you can mail me at sahanaseena@gmnail com or contact me at 9945182240

Praveen Sharma

Praveen Sharma (Expert)

01 November 2009 Sir Can you give me your correct email id

Regards
Praveen Sharma

ArrowsIndia

ArrowsIndia (Querist)

01 November 2009 Dear Sir,

my email id is arrows.india@gmail.com

I have declaration (on plain paper) from parants that they are giving me Rs. 50,000 cash as gift for my family. Can I open an account by depositing this 50,000. and than apply for PAN.
Is this OK
Best Regards
Inder

Ram Avtar Singh

Ram Avtar Singh (Expert)

01 November 2009 You cannot form a HUF. It is not like a company or a firm. HUF is Hindu Undivided Family, wherein the business should be carried on by a join family.

while appliying for PAN apart from the above declaration give complete details of your address including telephone/ email address and submitt the same to an TIN FC PAN CENTER , they will charge RS. 67/- for the same. Sometime they will ask for identity and address proof too for HUF , in that case it will in the name of Karta only.

Take A paper & make declaration as

DECLARATION
I Xyz-----S/o------aged ABOUT-----R/O-----DO HEREBY DECLARE THAT THE hUF IN NAME OF "--------------" CREATED W.E.F.DT:------- & THE FOLLOWING MEMBERS ARE THE hUF.

MEMBERS OF HUF:
1. kARTA
2. MEMBER
3. MEMBER
4. MEMEBER
5. MEEMBER

PLACE:
Date; signed by
For---------HUF

karta.

Then attach this copy along with your address proof then apply in 49A. Then you will be allotted PAN by the Income Tax department.

ArrowsIndia

ArrowsIndia (Querist)

02 November 2009 Dear Mr. Singh.

Thanks for ur answer.
Is the following declaraion is ok
==================================

DECLARATION

I, ____________________________ son Of ___________________________________ Residing at ____________________________________________ aged ___Adult do hereby declare-

1. That I am Karta of ____________________________________________

2. 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.

3. 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 ___________________

4. That the above statements are true to the best of my knowledge & belief. Declare this on _________________

WITNESS: Signature

1. --------------------------------------
------------------------------------
2. -------------------------------------- (_____________________)

Guest

Guest (Expert)

10 November 2009 If NSDL Denies to Accept your PAN application,you can open a bank account in the name of your HUF & use it as a proof of your HUF.

Now no one can deny you for PAN card

ArrowsIndia

ArrowsIndia (Querist)

21 November 2009 Thanks all of you

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