HUF
This query is : Resolved
08 August 2016
hi,
can any one suggest me 3-4 ways throgh which i can create HUF and shift taxability of income in the hands of HUF.
08 August 2016
Creation of HUF is not the intent of hindu law.....so be cautious about the so called METHODS.
08 August 2016
but sir it can be used to save the tax.
i just want to know those ways like can my parents purchase a new home for me and my wife and then i rented out it and rental income will be charged to Huf.
09 August 2016
HUF is an entity. I dont think it is to be used for TAX saving.
It is for those who have the ANCESTRAL property.
Although some people look at it as TAX saving device. But mind well it has its own limitation. The governing principles are that of Hindu Law. The coparceners may DEMAND partition at any time....this is a serious limitation...
Normally the route resorted to is......somebody from the family give GIFT to HUF.......and that is how and that is why the term used is HUF is created.....With the said gift....the HUF starts doing investments and then earn income....
It is for those who have the ANCESTRAL property.
Although some people look at it as TAX saving device. But mind well it has its own limitation. The governing principles are that of Hindu Law. The coparceners may DEMAND partition at any time....this is a serious limitation...
Normally the route resorted to is......somebody from the family give GIFT to HUF.......and that is how and that is why the term used is HUF is created.....With the said gift....the HUF starts doing investments and then earn income....
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