I am making softwares as per clients order & total sale of software & AMC Charges goes to approx Rs. 4 Lacs & i am also doing the business of Labels which are used in my software & net profit from this business goes to Rs. 1 lac I am doing both the business under the name of Nitee Infotech & i am the proprietor Now i want to ask that can i form a HUF and transfer my 2nd business to that HUF and save the tax and also tell me the formalities to form the HUF and other obligations which i face after forming HUF I am married and also have a daughter so please reply & give me detailed knowledge
28 November 2010
Regarding the formation of HUF the process is as under :
1) Declaration from the person who has given a gift to your HUF stating that he has given gift to your HUF & that he ceases to be the owner of the said property given as gift.
28 November 2010
to create a HUF THERE SHOULD BE ANF ANCESTRAL PROPERTY OR U SHOULD RECEIVE ANY GIFT FROM OTHERS AFTER THAT APPLY FOR PAN IN THE STATUS OF HUF AND ALSO BANK ACCOUNT YOU CAN START YOUR BUSINESS IN THE NAME OF HUF
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