I have two daughters only. Will both daughters be member of my HUF ? Can I form my HUF by taking gift from my cousin ? Is it mandatory to form corpus fund ? Is it mandatory to write a HUF DEED ? Where HUF is registered ? What documents will be required for getting PAN for HUF and for opening bank account of HUF ? 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 ?
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Huf formation
Replies (1)
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
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