viswanath chunduri (38 Points)
22 June 2019my 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.
CA Raj Doshi
(Practising CA)
(8795 Points)
Replied 22 June 2019
Vaibhav Shetty
(chartered accountant)
(43 Points)
Replied 22 June 2019
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.
Om Goyal
(445 Points)
Replied 22 June 2019
CAclubindia
