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HUF Pan card : members only husband and wife

20 August 2022

can a husband and wife form a HUF and apply for pan card without having any child?
what documents needed if husband and wife can register for HUF for pan card . and what will be the date of incorporation?

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15 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160765 Points)
Replied 20 August 2022

1. Yes

2. Marriage certificate, PAN Adhar & address proof for both; HUF incorporation deed.

3. Can be today itself.

2 Like

MPR Sanjay Kumar (3005 Points)
Replied 20 August 2022

@ Dhirajlal sir, as per Accounting standard 11 for exchange differences, for an example if I raised my bill on the date of 20.10.2022 goods to America on the day exchange rate is rupees 70, my party is paying and date of 1.3.2023 on the day exchange rate is rupees 85...

Query No 1:as per Accounting standard 11 which date I should have to first recognise in my books of account ( initial recognition)

Nikita Sharma (175 Points)
Replied 20 August 2022

Thank you so much @ dhirajlal rambhia sir

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160765 Points)
Replied 20 August 2022

Most Welcome...

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160765 Points)
Replied 20 August 2022

@ MPR Sanjay...

Date of Initial Recognition in the example is 20.10. 2022.

1 Like

MPR Sanjay Kumar (3005 Points)
Replied 21 August 2022

@ Dhiraj Lal sir, when my party paying that day I should have to recognise foreign gain or loss in my profit and loss a/c..

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160765 Points)
Replied 21 August 2022

Yes, it will be profit on the day of payment recognition.

2 Like

MPR Sanjay Kumar (3005 Points)
Replied 25 August 2022

@ Dhirajlal Rambhia sir, Raw materials: AT COST(IF FINISHED GOODS ARE SOLD AT OR ABOVE COST), OTHER WISE REPLACEMENT COST

explain me sir

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160765 Points)
Replied 25 August 2022

Its a rule, just remember it, there cannot be explanation to it.

1 Like

MPR Sanjay Kumar (3005 Points)
Replied 25 August 2022

@ Dhirajlal sir please check me,

For example : Mr Sanjay is a manufacturer of Car ,he purchased the Raw materials at Rs 1 lakh ,finally the Finished Good car is ready for sale Rs 10 lakh ( Above cost) ........so in his books of accounts he accounted the valuation of inventory Rs 1 lakh

Mode 2:

above same case the finished good car is sold below the cost of Car ,can Sanjay account his books of account at replacement cost?