How does creation of an HUF provides tax benefits to the assessee?
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Query - creation of HUF as a tax planning measure
Replies (5)
income from other sources like interest , share trading, capital gain, or even a new business can be run in the name of huf, and by creating a separate huf u will be able to get threshhold basic exemption limit as well 80 c and other benefits.
Thank u sir.
But doesn't that amount to open evasion of tax.. v wont be doing any sort of business out of that HUF!!
are yaar anything can be planned in such a way that it will not look tax evasion just proper planing and documentation needed
Yeah!!.. thats true sir!!
Help regarding following matter in creation of HUF:
My father died 10 years ago and he was holding some shares which i transferred to my demate a/c after my father's death. my mother died 3 years ago. we are 3 brothers and 3 sisters of which i am elder and only married, others are unmarried. now i want to know that can i create my HUF and transfer shares received from my father as i have filed my return these shares valuing RS.18 lac are not shown in my IT return
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