HUF
This query is : Open
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??
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??
10 July 2020
1. HUF capital can be brought in by way of gift or inheritance. Therefore this is admissible
10 July 2020
2. Income derived from this amount will be taxable in the hands of HUF and not in the hands of the individual assessee
10 July 2020
3. For formalities/ documentation, better to consult your CA
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