Why HUF?

Huf is d form of business which prevails since long years ago....  this is called family business.... ofcourse presently this has become a source of converting black money 2 white.... but u can do a very gud tax planning with d formation of huf....

Thanks for this megha but can u highlight more on ways of tax planning by forming HUF and also the procedure for forming it.

hello..... an individual can form an HUF only if he has a son and the status can be created with an amount the individual got due to partition of his joint family or our of amount or property he received by will from his ancestors. (other than father if he the only son).

an individual claimes two basic exemptions if he files both individual and huf returns. it is like an individual splits his status into two and benefits twice as such ..... formally huf is formed when you get a property or amount due to full partition of your joint family..... or if you are the only son...... and you also have a son.... you can get a amount gifted from your grand parents or any elder of your family (by the name of will) and that amount can form the nucleus for the formation of huf.......

What is the procedure for forming an HUF? Where to apply for it or how to form HUF?

hi,

This alex31.to get the ans of your q you must contact to your friend .to get more information related this subject you may visit on bellow link .which help you to explain the subject.

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