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Huf

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(Querist)
24 November 2013 can i tranfer cash from my individual saving a/c to create HUF??? wht r other methods to create huf capital???? thanks in advance
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
24 November 2013 An HUF nucleus can be created by taking a small gift from your father also. It can be taken in cash. Transferring from own account is not a good idea due to certain clubbing provisions in the act.
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An HUF can receive gift from the friends and relatives. Gift exceeding Rs 50000/- is taxable if gift is received from other than the member of HUF.
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Ajay Mishra

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Ajay Mishra (Expert)
24 November 2013 Go to the following link:

https://taxguru.in/income-tax/meaning-formation-taxation-membership-and-partition-of-huf.html
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