HOW TO FORM HUF & WHAT ARE ITS REQUIREMENT

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Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2011 My self Gunvant Kulkarni.

I am belonging agriculture land from forefathers. We are planning to sell.

In this regards , I wish to form HUF accounts.

Now my family consist myself,wife,my son (5year)& Mother.

What steps I have to initiate to form HUF.And what are its requirements.

Can I accept gift from my mother ? in absence of my father.

Or Can accept gift from my father in law ?

Regards
Gunvant Kulkarni
9921399968

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 January 2011 https://www.caclubindia.com/share_files/all-you-want-to-know-about-huf-27905.asp

https://www.caclubindia.com/forum/faq-on-huf--107806.asp

Please see above links.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 January 2011 FORMAT OF HUF CREATION DEEDS FORMAT-I

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/CHEQUE 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. ————————————– (_____________________)

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 January 2011 FORMAT- II

DECLARATION OF

GIFT MADE BY ________________________ TO THE HINDU UNDIVIDED FAMILY OF ___________________ I,_____________________________, residing at_________________________________________________, do hereby declare and affirm as under:

1. That out of natural love and affection borne by me towards the Hindu Undivided Family of_______________, I have made a gift of Rs.______ (Rupees _________________ only) as per the following details: By Cheque No.________, dated __________, drawn on Bank ____________________, ________________ Branch, in favour of ________________________ HUF.

2. The above Gift has been duly accepted by ________________________, as Karta of his Hindu Undivided Family and has been duly acknowledged hereunder.

3. This Declaration of Gift is made to record the fact that I have made this Gift in favour of the Donee as above, who now has the absolute right, title and interest in the gifted amount. Date: ___________, 200__

___________________ (Signature of the Donor)

ACKNOWLEDGEMENT OF GIFT I, ________________________, hereby acknowledge having received the above gift made to my Hindu Undivided Family by _________________________. Date: ___________, 200__

___________________ (Signature of the Donee as Karta of his HUF)

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