I have some queries regarding HUF please advice.
1. I got married in November 2010 and get some cash gift from relative and friends, which I have invested in my name. I want to create HUF with these funds. Is it possible?
2. There is no one except my wife in my family. If i form a HUF, as per Income Tax Act, the income of HUF will be clubbed with income of Karta. When and how this HUF's income will be assessed separately.
With thanks,
Dwija
CAclubindia
