Huf

This query is : Resolved

vishal (Querist)
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17 October 2012 Help regarding following matter in creation of HUF:
My father died 10 years ago and he was holding some shares which i transferred to my demate a/c after my father's death.After that there was some bonus shares and i also purchase some shares. my mother died 3 years ago. we are 3 brothers and 3 sisters of which i am elder and only married, others are unmarried. now i want to know that can i create my HUF and transfer shares received from my father as i have filed my return these shares valuing RS.18 lac are not shown in my IT return.

Amol S Joglekar

Amol S Joglekar (Expert)
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17 October 2012 There are case laws stating HUF can not be created. It is very much in existence as in your case. There was no need to show the said shares in income tax returns. (Wealth tax return is a separate return by itself) Now you want to transfer these shares to your smaller HUF right? You can very well do that... no problem

NITIN SHARMA

NITIN SHARMA (Expert)
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17 October 2012 In my openion this is disputable as you have showen these shares in your personal itr and these same are in your personal demate a/c therefore it seems problem to create common hotcpot of huf.

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