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Huf: date of incorporation and coparcerners

Tax queries 8658 views 9 replies

Can we choose any date after marriage as date of incorporation of HUF when applying for HUF PAN? (even 30 years after marriage?)

Is there a choice on who to include as coparceners of HUF or all heirs are by default coparcerners?

Thank you!!

 

Replies (9)

1. Yes you can do that.

2. No. all the family members are included by default.

Sir,

Thanks for your propmt answers. 

Regarrding the date of incorporation of HUF - this person is applying for HUF PAN now after 30 years of marriage. What's the best option to choose as the date of incorporation? If he chooses the a date say of year 1999 - will there be questions as to why no returns were filed since then?

He had taxable income in HUF only since last 2 years for which he is going to file returns now.

Please guide. Thanks in advance.

 

 

what is the source of initial amt,funds or wealth. it should be a ancestral property share, or donated by some or group of relatives. we should be able to vouch for them. it is better to create hug after child berth in a marriage by individuals single or jointly. a separate deed is to be made ready Indicating
the source, members coparceners etc. based on the deed we can apply pan with deed date as date of incorporation. I.e the right method. all funds income and expenses to be accounted for seperately .

Any date after a child is born may be chosen, For applying Pan you need to have a HUF Deed mentioning the details of the corpacencers. The deed must be preferably on Stamp paper and signed by the Karta and the witnesses, Separate bank account may be opened by the HUF, Ancentral properties or gifts from relatives may be incorporated in the Deed

Thank you!

Do Karta's son in law / daughter in law and grandchildren become part of the HUF by default or only wife and children. Karta has no inherited property. 

only wife and children..every member blood descendants have the share and not others.....automatic inclusion.
grand children will get proportions share from their parents share automatically

Wife and children can be members of Huf.b


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