Huf
This query is : Resolved
09 March 2012
Respected Sir/Madam,
I want to know about the practical overview regarding HUF.How we can save income tax by creating HUF?
I want to know about the practical overview regarding HUF.How we can save income tax by creating HUF?
10 March 2012
HUF is not a matter of its legal creation. It already exists where family is there.
.
For the purpose of Income-Tax; you can apply for PAN Card first and then you may file return of your income firstly by showing your family receipts which you receive on different ceremonial occasions.
.
With the own funds and taking unsecured loans; you can start business of which the HUF is the proprietor.
.
.
For the purpose of Income-Tax; you can apply for PAN Card first and then you may file return of your income firstly by showing your family receipts which you receive on different ceremonial occasions.
.
With the own funds and taking unsecured loans; you can start business of which the HUF is the proprietor.
.
Message likes :
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10 March 2012
I hope this link will give you clear and broad understanding on HUF.
https://www.simpletaxindia.net/2011/05/huf-creation-tax-benefits-tax.html
Abhishek Ranjan Singh
ARS Solutions
+91 9022838615
email2ars@gmail.co
www.arssolutions.co.in
www.ars-solutions.web.com
https://www.simpletaxindia.net/2011/05/huf-creation-tax-benefits-tax.html
Abhishek Ranjan Singh
ARS Solutions
+91 9022838615
email2ars@gmail.co
www.arssolutions.co.in
www.ars-solutions.web.com
Message likes :
2 times
02 April 2012
You should know what is HUF. HUF is an entity by birth for Mitakshara School of Hindu Law as the moment a child is born he is entitled for his share in the family properties. Now, it is not automatically as in case of unmarried child he does not have any member for claiming partition so till he is married he cannot form his HUF. Only after marriage he can form his HUF by undergoing the formalities of taking Gift from his mother or father and doing business with that money or he can take loan and apply for PAN Number and so on as suggested by the expert.
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