Huf formation

Will both daughters be member of my HUF ?

- Yes

Can I form my HUF by taking gift from my cousin ?

No,HUF usually has assets which come as a gift, a will, or ancestral property, or property acquired from the sale of joint family property or property contributed to the common pool by members of HUF

Is it mandatory to write a HUF DEED ?

Yes, HUF deed is mandatory to get pan card

What documents will be required for getting PAN for HUF  and for opening bank account of HUF  ?

-HUf Deed,Karta's Identity proof and address proof

If HUF get gifts from others worth Rs. 2,50,000, Will it get any Income Tax Liability & Will it be mandatory to file ITR ?

 if huf receives gift of Rs. 250000 from persons who are not relatives the it is taxable and normal slab rate will be applicable.

if you our gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000 then it is mandtory to file ITR