Shubham chhajed (mumbai) 17 June 2015
HUF ia artificial Person created by Income Tax Act, 1961
HUF is a family with husband, wife and children (and children’s spouses if any) living together
first apply for PAN card in Form 49A thn open a bank account
Ajit Bhati (Chartered Accountant) 17 June 2015
HUF is created under the Hindu Succession Act and not under Income Tax act.The Income Tax Act recognise the HUF as an independent assessable or taxable entity.
1.PAN - A Huf deed or Affadivit for formation of HUF signed by Karta
2. Open a Bank account based on HUF deed and PAN card
After that you can Start the Business as legally permitted ( Such as Rental Income or Interest income etc.,)
Ramanuj (Accountant.) 18 June 2015
thanks for reply
Suppose Made HUF Husband wife two child have four member main member have husband. Income tax return file only one or each member ? As wife, childern, suppose that Rental income yearly 8 lacs its divied four memeber or not. how to make income tax computation.
You are requested for experts pls advice as properly.
Thanks in Advance.
Ajit Bhati (Chartered Accountant) 18 June 2015
HUF is automatically created. As the name suggests, a HUF means a family of Hindus.However, under the Indian tax law, persons belonging to the Jain and Sikh religion can also form HUFs.The existence of a HUF requires at least two members of a family, of which atleast one should be male.A HUF can also consist of the male members and female members,being their wives and unmarried daughters.Once a member of a HUF receives any ancestralproperty from any ancestor three generations above him, a HUF is automatically created. Forexample, if a married Hindu male person receives any ancestral property from his greatgrandfather, that property will be automatically regarded as his HUF’s property. Another way to form a HUF is by receiving an asset or property by way of gift from a lineal ascendant with a specific instruction by the donor that the same is being gifted to the HUF