my father added me in a HUF.My father act as a kartha in this.
i had my personal PAN.
is it possible to take a new HUF by me as I am acting as a kartha .kindly advice.
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Taking HUF new
Replies (4)
Father created HUF. The existence of HUF continues even if there is change in karta.
sir, I am
HUF is a separate legal status recognized in Income tax Act, which recognize it as a separate taxable entity. In past when most of the businesses were controlled by family and passed generation to generation, HUF was the legal vehicle to carry it to next generation. As the businesses were not under ownership of a single member but the family as a whole used to own it.
yes it is possible. u can make ur Huf with or without ur child/ren
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