Running of HUF

Others 103 views 2 replies

Manoj

enginner

52 Points Joined May 2017

My father wants to start the HUF, but my brother, sister, wife, and kids don't want to become members of this HUF.

Can I become a member of my father's HUF without my brother, sisters and my wife and my kids?\
If HUF earns through Equities /Mutual Fund, what is the tax implication of the same? For example, HUF earned 15 lacs through short-term and 10 lacs from long-term. How much tax liability for the HUF? How the office expenditure needs to be deducted from salary ie Driver cost /Maid Cost / Cook cost, and other expenditure to run the HUF

Replies (2)

SUSHANT BIDAYE

702 Points Joined May 2017

Your question of your father starting an huf is itself a misnomer. Huf is always there, what you mean is you are formalising with a deed etc.

Personally I don't think you can start huf excluding some members, but you can form and they can opt out later.

Your queries need to be addressed properly with more discussions .

Manoj

enginner

52 Points Joined May 2017

Thanks for response ,

Herewith i simplified my question :

I read your articles, and I have the following questions regarding your support and I want to know more about HUF

Father has an income as follows,

1. Rental Income 2,40,000 /-

2. Short-term Capital Gain ( Share Trading ) 10,00,000/-

3. Long-term Capital Gain ( Share Trading & Real Estate ) 20,00,000/-

4. Agricultural Income 5,00,000/-

5. FDs Income ( As per 26AS for FY 2024-25 ) 22,00,000/-

6. Pensions 7,20,000/-

Now, my questions are :

1. What is the tax liabilities on the above?

2. Which ITR has to be filed?

3. How to avoid STCG and LTCG by showing Business income, as we have already recruited an employee, driver, peons and have an office set up.

4. How to bifurcate his personal income and family income through HUF

5. If he starts the HUF without the nomination of my brother, sister, my wife & kids, as they don't want to participate in this HUF due to a misunderstanding. Later,if they wish to join,how will we accommodate in HUF?

6. Cost of starting the HUF in Ahmedabad.

7. What to close to put to avoid forced partion by any members specifically ( Wife of kids ) .