Huf - formation
This query is : Resolved
03 December 2011
My client has formed HUF by investing some amount ( say Rs. 1,00,000/-). The funds invested in the HUF are generated from his business. He obtained the PAN card of HUF also. (He is my Client for his Service Tax matters).
My query is :
1. Merely by investing Rs.1,00,000/- from own funds can an HUF be formed ?
2. Secondly, what is the document by which his income from HUF would be decided for Income Tax ?
My query is :
1. Merely by investing Rs.1,00,000/- from own funds can an HUF be formed ?
2. Secondly, what is the document by which his income from HUF would be decided for Income Tax ?
CA PARAS BAFNA
(Expert)
04 December 2011
HUF requires a nucleus for its capital. A small amount of say 101/ Rupee may be shown as received from his father by his HUF.
.
The amount received from the member of HUF is deemed as converted property and income arising from such property is likely to be clubbed in the income of the Individual.
.
HUF is a separate tax entity and it can show its income under all the heads except the income under the head Salaries.
.
The same documents as required in case of
individual will be required in case of an HUF also.
.
The amount received from the member of HUF is deemed as converted property and income arising from such property is likely to be clubbed in the income of the Individual.
.
HUF is a separate tax entity and it can show its income under all the heads except the income under the head Salaries.
.
The same documents as required in case of
individual will be required in case of an HUF also.
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