PROCEDURES TO CREATE HUF

 

Please provide me a draft of Gift Deed.

Originally posted by :Guest
"	1) Get a cheque from your parents or relatives of any amount 2)form a deed for creating HUF (right now no format but will provide soon) 3) Apply for PAN card, giving deed and other proofs. 4) on getting pan apply for huf account with bank yours huf is formed, remember only a married can form HUF	"

For value addition following points may also be considered – For forming a HUF there must be at least two male coparceners (usually brothers or father and son ) and for forming coparcenery there are TWO Schools HINDU LAW – 1. Dayabhaga School of Hindu Law – prevailed only in ASSAM & WEST BENGAL 2. Mitakshara School of Hindu Law – prevailed in rest of the India Explanation – Dayabhaga School of Hindu Law – Under Dayabhaga School of Hindu Law coparcenary can be formed only upon the death of father i.e. coparcenary can be formed only among the brothers. Mitakshara School of Hindu Law – Under Mitakshara School of Hindu Law coparcenary can be formed even if the father is alive

HUF comes into existence as soon as one is married and a child is conceived. There has to be a family. There may and may not be a corpus or fund. When a property or asset is inherited by a person which was earlier owned by his ancestors or bigger huf i.e. HUF of his father a corpus fund is created. This corpus can be created by a gift also in favour of the family. Gift deed should specifically state that it is being given for the benefit of the family of Mr X.  There cant be any deed because interest of the beneficiary increases or decreases with every birth and death in the family. Now to open a  bank account, address and identity proof of the individual who is karta is required to be given.Just make a rubber stamp where signatory will be Karta of the HuF. 

Can anyone tell about how to Create HUF and what are the required for the creation of HUF