Sir
my father has some agricultural land and an ancestral house in a village. the agricultural income is very little. he does have PAN card and does not filr ITR. we are three brothers. eldest one is retired from army and earning pension about 18000 per month. second brother is unemployed, and my self also serving in army and earning income of about 14 lacs per annum. i am paying heavy tax from income of my salary.
some people suggested me to create HUF.
can some one help me to throw lights on this matter and procedural aspects and eligibility, will it really reduce tax being paid by me. I am ready to make Karta of HUF to my father and members to my brothers and their wives
thank you
CAclubindia
