I would like to know advise about tax planning .
1. I am anticipated to receive property by way of shares , cash , gold , and proceeding from sale of house due to sad demise of my father and mother ... (There is no will and property will be divided mutually by three brother family )
2. Should I create HUF in my name and open demat and bank account so that any income arises will be HUF income and not clubbed in my income .. Is it necessary to open the damt account in name of HUF... I have already dmat account in my name. After Sales of Shares , I can take fixed depsoit in name of HUF ?
Please get advise and inform me ...
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Tax planning
Replies (1)
"Should I create HUF in my name and open demat and bank account so that any income arises will be HUF income and not clubbed in my income .."
Yes, provided you are married.
"Is it necessary to open the damt account in name of HUF... "
Yes, HUF and Karta are different identities........
"After Sales of Shares , I can take fixed depsoit in name of HUF ?"
Yes, after discharge of any capital gains tax liability.
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