10 July 2020
The assessee's family consisted of his father, mother and yonger brother. His father had never formally created HUF. On the demise of his father, the assessee, his mother and his brother separately received various amounts as the nominees / successors of his father.
The assesse is married having his wife and son as the members of his own family. Can the assessee treat / use the receipt of money from his father's estate as his capital for forming his own HUF? Will the income derived from this money be treated as the income of HUF and not that of the individual assessee?
What are the formalities / documentation required to be completed for forming his own HUF??
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