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How to create huf

Ujjawal S. Jain (Practice) (120 Points)

26 June 2012

Can any one suggest me how to create HUF.

PLease provide me HUF creation deed also.

Thamk you.

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2 Replies

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)
Replied 26 June 2012

Just gift deed required to create HUF and such deed must be notaried.

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Arvind Mantri (student ca final) (43 Points)
Replied 26 June 2012

huf can be created in two ways... 1) from ancestral property . 2). by gift in favour of huf

and remember only a married can form huf...

and the deed format is

FORMAT OF HUF CREATION DEEDS

FORMAT-I

DECLARATION

I, ____________________________ son Of ___________________________________ Residing at ____________________________________________ aged ___Adult do hereby declare-

That I am Karta of ____________________________________________

That I received on behalf of the H U F gift of Rs. ___________ by way of CASH/CHEAUE from my FATHER ________________________________(name of relative of karta of HUF) on dt. _______________ this formed the corpus of the HUF.

That the HUF at present is consisting of the followings members-

I) Shri _____________________, Adult, Residing at _________________

II) Smt. _____________________, Adult, Residing at _________________

III) Kumari _________________-Minor, Residing at ___________________

That the above statements are true to the best of my knowledge & belief. Declare this on _________________

WITNESS: Signature

1. ————————————–

————————————

2. ————————————– (_____________________)

—————————————————————————————————-

FORMAT- II

[To be executed on Rs. 100 Stamp Paper in Maharashtra]

DECLARATION OF GIFT MADE BY ________________________

TO THE HINDU UNDIVIDED FAMILY OF ___________________

I, _____________________________, residing at _______________________ ____________________________________________________________, do hereby declare and affirm as under:

1. That out of natural love and affection borne by me towards the Hindu Undivided Family of ______________________________, I have made a gift of Rs.______ (Rupees _________________ only) as per the following details:

By Cheque No.________, dated __________, drawn on Bank ____________________, ________________ Branch, in favour of ________________________ HUF.

2. The above Gift has been duly accepted by ________________________, as Karta of his Hindu Undivided Family and has been duly acknowledged hereunder.

3. This Declaration of Gift is made to record the fact that I have made this Gift in favour of the Donee as above, who now has the absolute right, title and interest in the gifted amount.

Date: ___________, 200__ ___________________

(Signature of the Donor)

ACKNOWLEDGEMENT OF GIFT

I, ________________________, hereby acknowledge having received the above gift made to my Hindu Undivided Family by _________________________.

Date: ___________, 200__ ___________________

(Signature of the Donee
as Karta of his HUF)