Huf
This query is : Resolved
28 July 2017
My father having huf and i am living with him now can i make huf in my name as i am married and having children
Amol S Joglekar
(Expert)
28 July 2017
income tax derrecognises partial partition.
How can you make your independent HUF without wholly partitioning your father's HUF?
How can you make your independent HUF without wholly partitioning your father's HUF?
Studentsca
(Expert)
28 July 2017
Yes you can form a HUF of your own.
You will be a member in your father's HUF & Karta in your HUF.
You will be a member in your father's HUF & Karta in your HUF.
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01 August 2017
I disagree with fellow expert, Amol & agree with Studentsca.
You do not have to partition the existing HUF to form a new one.
As rightly said, the new HUF will contain you, your wife and lineal descendants with you being the Karta of the new HUF.
You will however have to carefully delineate the funds or properties owned by you and the HUF that you are part of. I would advise you to seek professional help on this from a CA Firm that is experienced in dealing with such transactions to avoid any rude shocks from the tax department. What Amol has said is a possibility of interpretation by tax authorities so the transaction needs to be carefully structured.
You do not have to partition the existing HUF to form a new one.
As rightly said, the new HUF will contain you, your wife and lineal descendants with you being the Karta of the new HUF.
You will however have to carefully delineate the funds or properties owned by you and the HUF that you are part of. I would advise you to seek professional help on this from a CA Firm that is experienced in dealing with such transactions to avoid any rude shocks from the tax department. What Amol has said is a possibility of interpretation by tax authorities so the transaction needs to be carefully structured.
Amol S Joglekar
(Expert)
01 August 2017
There is No any concept of FORMING of HUF. HUF per se can not be formed. It has yo be there in existence.
Some people do try to ARGUE that I received a gift as xxxxxx HUF AND as a Karta I accepted the same.
If with such kind of advice from someone like CA or Tax expert, you happen to accept a gift for your HUF, you will be doing so at your own risk. All the best
Some people do try to ARGUE that I received a gift as xxxxxx HUF AND as a Karta I accepted the same.
If with such kind of advice from someone like CA or Tax expert, you happen to accept a gift for your HUF, you will be doing so at your own risk. All the best
01 August 2017
Amol what are your views if partition of property does not occur and income in HUF is independent of the existing family.
01 August 2017
sir explain me if i make huf in my name how to introduce capital or can i get gift from family members to create capital in huf
Amol S Joglekar
(Expert)
02 August 2017
@ Anand : HUF can have its income independent of family. If this income is distributed among the coparceners, it is not taxable in the hands of coparceners.
What else you need in this?
What else you need in this?
Amol S Joglekar
(Expert)
02 August 2017
@Aaaaaa : I think I have already answered this. Some CA / tax experts do advocate that by GIFT, HUF can come into existence. If you want you can follow them...but at your own risk.
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