Hindu undivided family (huf)

Dear Friends,

Please clarify the following issues:

1. Can we form HUF by accepting cheque from Father of Karta of HUF for introducing Capital so as to save tax.

2.The person is Married before 6 months. Can HUF be formed from that date.

3.There is no receipt of Ancestral property. Can we link the receipt to ancestral property.

4. Can we accept cash instead of cheque.

Please discuss above points with tax implications.

 

 

Replies (1)
1.yes. U can get from any relative. Better to get by way of cheque 2. Create huf deed. Signed by all family persons/ co parceners. Create name of huf prospectively and incorporate details of contributions/ source initially 3.yes. No receipt is reqd. Self confirmation suffice 4. Better to avoid cash. If so members can deposit after opening huf bank ac and having pancard. Hope it is clear

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