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To create huf

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(Querist)
05 May 2019 I want to create a new HUF account. I am the Karta of my family which includes my wife and 2 minor sons.
I intend to take a gift cheque from my wife's account for the HUF capital.
Please guide me in the process of creating HUF account.
Is it necessary to make HUF deed on a stamp paper ?
Can I take gift from my parents for the purpose of HUF capital ?
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
05 May 2019 Yes HUF deed should be created on stamp paper , you can take gift From parents by cash or asset to HUF .
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Kalpesh

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Kalpesh (Querist)
06 May 2019 Sir, 100 rupees stamp paper ?
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
07 May 2019 Rs.100/ or Take little bit higher value. for deed
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Kalpesh

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Kalpesh (Querist)
08 May 2019 Thanks a lot sir for your guidance
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Kalpesh

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Kalpesh (Querist)
10 May 2019 Sir, can I take a gift cheque of 5 lakhs from my wife's account in the name of new HUF account for creating HUF capital ?
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Kalpesh

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Kalpesh (Querist)
15 May 2019 Sir, can I take a gift cheque of 5 lakhs from my wife's account in the name of new HUF account for creating HUF capital ?
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
15 May 2019 In case a coparcener (member) gifts some money to the HUF out of his or her individual wealth, it will be tax-free in hands of the HUF.
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Kalpesh

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Kalpesh (Querist)
15 May 2019 Thank you very much sir for your valuable guidance.
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