Multiple HUFs with same Karta

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Account and Tax consultant
124 Points Posted on 29 January 2019
Hello All,

One of our client has created two Hufs in 1982 with two sons with two different PAN cards.

Is HUF Formation valid?

Thanks in advance.
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On 29 January 2019 at 17:31 Report
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SEO Sai Gr. Hosp.
212511 Points Posted on 29 January 2019

Invalid.

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On 29 January 2019 at 17:52
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Account and Tax consultant
124 Points Posted on 29 January 2019
Thanks for the answer,sir

He is also filling income tax returns up to date and all Income tax returns are processed properly till time and right now he has share holding in two different HUFs and he wants to take OD against it..How it can be possible ?
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On 29 January 2019 at 18:09
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SEO Sai Gr. Hosp.
212511 Points Posted on 29 January 2019

Holding two different PAN cards for single HUF entity is illegal, & liable for prosecution. No question of any further comments.

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On 29 January 2019 at 19:52
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Account and Tax consultant
124 Points Posted on 29 January 2019
Noted.

Thanks for the time...
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On 29 January 2019 at 19:59

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