Huf formation
This query is : Resolved
29 April 2016
I am working in a govt bank. I want to form a HUF. As per law can i form HUF being a Govt Employee. Purpose is to save tax on Fixed Deposits.
Other query is that my father has retired as a govt employee and he is a doctor. We have formed a HUF in his name. How much amount can be transferred to his HUF. The purpose is just to save tax. We want to transfer Fixed Deposit in his HUF.
Please guide whether it can be done as per law and without any complexity
Other query is that my father has retired as a govt employee and he is a doctor. We have formed a HUF in his name. How much amount can be transferred to his HUF. The purpose is just to save tax. We want to transfer Fixed Deposit in his HUF.
Please guide whether it can be done as per law and without any complexity
29 April 2016
First of all, although commonly used in common parlour as "HUF formed"...it is not a correct phrase. HUF can NOT be formed like say firm or company. At the most what one can say that my HUF is in existence but without any property.
Another important point, so far as HUF is concerned is that.....for saving so called tax of few thousand rupees, dont forget that you are giving CHANCE to the coparcener of the HUF to demand PARTITION. This might prove out to be emotionally distorted when let us say one of the coparcener demands partition on account of say marriage outside the CASTE etc.
Considering above, you can always transfer money to your HUF or your father's HUF without any limit.
Another important point, so far as HUF is concerned is that.....for saving so called tax of few thousand rupees, dont forget that you are giving CHANCE to the coparcener of the HUF to demand PARTITION. This might prove out to be emotionally distorted when let us say one of the coparcener demands partition on account of say marriage outside the CASTE etc.
Considering above, you can always transfer money to your HUF or your father's HUF without any limit.
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