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What is huf


Ramanuj (Accountant.)     17 June 2015

Ramanuj
Accountant. 
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Dear all

I want to lean about HUF account. how to open & accounting process. please give with example.

thanks & regards

Ramanuj

 

Shubham chhajed

Shubham chhajed (mumbai)     17 June 2015

Shubham chhajed
mumbai 
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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

Ajit Bhati (Chartered Accountant)     17 June 2015

Ajit Bhati
Chartered Accountant 
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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.

Requirement of:

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.,)

 

ashish khandelwal

ashish khandelwal (article)     18 June 2015

ashish khandelwal
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How will HUF earned money? Can karta Gift money to huf so that it can start business?
Ramanuj

Ramanuj (Accountant.)     18 June 2015

Ramanuj
Accountant. 
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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.

Ramanuj

 

 

Ajit Bhati

Ajit Bhati (Chartered Accountant)     18 June 2015

Ajit Bhati
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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

All income arising out of utilisation HUF’s properties and from investment of HUF’s funds is income of the HUF and is separately assessed in its hands. One should be careful to declare only that income to tax in the returns of a HUF which is earned out of the HUF assets or investments.Any income, which arises out of personal income of a member will be regarded as the member’s individual income and not the income of HUF.
 
The Karta Of HUF haave been vested with all powers and also effective management and utilisation of HUF Funds. The Karta has to sign the Income tax return and other documents on behlf of the HUF.
Ramanuj

Ramanuj (Accountant.)     18 June 2015

Ramanuj
Accountant. 
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thank you sir

ramanuj

 


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