Taxation of huf

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Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2011 I want to create HUF. How I can create HUF? and what income can HUF have? means only income from Investment or Income like all individual have.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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25 July 2011 huf can be created only by gift received by any ancestral relative... and a deed for d same needs to be made

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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25 July 2011 huf can have any income except salary

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 July 2011 In fact, for the formation of HUF his own, one is required to get married first.
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AT the time of marriage or thereafter he may be given a gift from his father so as to form the nucleus of the capital of the HUF.
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Business may be started in the name of the HUF.
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HUF can not be employee, but if it enters in to a partnership firm as a partner through his karta, it may receive interest on its capital as well as remuneration as a partner also.

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