Family settlement and capital for huf

Tax planning 362 views 3 replies

Raghavendra

Manger

60 Points Joined July 2013

My father died leaving some money which is not taken care in his will deed.

All the family members entering into a memorandaum of family settelment wherein this money is being shared.I am seeking two shares, one as a individual and another as karta of my HUF for which other members agreed.

(Apart from as a individual), Do I also need to enter into memorandum of family settelment as Karta of my HUF and get share for my HUF.

Can I get funds to my HUF in this manner through memorandum of family settelment ?

Replies (3)

Raghavendra

Manger

60 Points Joined July 2013

Please somebody reply

raghavan

self

611 Points Joined August 2011

any family money received by you can be converted to hug wealth to which u are karta. ur wife and children's are coparceners. u cannot get 2 shares from dad...one as indl and another as hug unless specifically given by your relative as such...here ur dad. no other person can give authority.

raghavan

self

611 Points Joined August 2011

u. have to create hug separately having pan card and bank account for tax matters. u should make a huf deed in a stamp paper showing the source of initial capital and details of members etc.. hope now u are clear. all the best