HUF CREATION
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 December 2009
What are the requirnment for creation of H.U.F ?
What are the advantage of H.U.F ?
What are the advantage of H.U.F ?
25 December 2009
As per Hindu law; members of family represent HUF. It means HUF is always there. There is no question of formation.
Regarding taxability in the Income Tax Act; HUF funds (nucleus) should be there. Property inheritted from father is known as nucleus of HUF.
If no nucleus is there; HUF can receive gifts from relatives.
Once nucleus is there; HUF becomes tax entity.
The benefits of HUF is that additional Rs.1,50,000/- exemption limit can be availed year to year togetherwith benefits of Section 80C etc.
CA Rakhecha,Surat
Regarding taxability in the Income Tax Act; HUF funds (nucleus) should be there. Property inheritted from father is known as nucleus of HUF.
If no nucleus is there; HUF can receive gifts from relatives.
Once nucleus is there; HUF becomes tax entity.
The benefits of HUF is that additional Rs.1,50,000/- exemption limit can be availed year to year togetherwith benefits of Section 80C etc.
CA Rakhecha,Surat
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