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HUF Assessee

This query is : Resolved 
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(Querist)
16 October 2008 Hi Friends
How a HUF is formed? Whether it requires compulsory ancestral property only? Or by taking Gift
Whether HUF can be formed otherwise than by above two cases suppose if Assessee has only 2 children’s one boy & girl what be the procedure?
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nilesh gupta

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nilesh gupta (Expert)
16 October 2008 when a prson get merried than theoritically HUF is formed. but practically for income tax purpose or tax planning purpose following procedure to be followed:

1. a Gift given to HUF by karta (generally) by gift deed by cheque
2. open a bank account & deposits cheque in to the a/c
3. apply for PAN card.
now ur huf is formed for income tax oporpuse.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
16 October 2008 THe source of capital should be from the larger HUF.
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