My client is willing to form a HUF. The family consists of himself, spouse and two children. I suppose HUF can be formed. But the assessee is not possessing any ancestral property to get transferred to HUF.
a) Is it still possible to form HUF with only getting his personal property like [Land & Building] transferred from his personal ownership to HUF for an adequate consideration?
b) Should such transferred property be necessary a income yielding property?
Kindly advise on aforesaid.
Thanks.
Respected Satishji,
If any one is making any gift to the family then too with this gift they can start a HUF so no transfer of property is needed for such HUF formation
there is no need that such property is a income yielding one, after formation of HUF such property can be transfered to such HUF
Thanks
Debashis
Thanks a lot Mr. Debashis.
Dear Sir,
Kindly confirm that the maturity amount received from policy of lic "BIMA NIVESH 2001" under PLAN - 132, at the time of redemption of policy is free of tax under section 10 (10)d
There is no need to tranfer property at the time of formation of a HUF
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