HUF formation

POSTED BY Pankaj Vasudeo ON July 20, 2013 12:11 am ONE COMMENT

hi there
I am married
if i starts my own HUF
how will I inject funds
can my parents add gift capital to it ( what is the limit 5 lakhs or 10 lakhs or how much ? )
what will be tax legalities ( gift tax )
can me and my wife inject capital in it ( what is the limit )
what will be tax legalities ( gift tax)

from this asset can my HUF do business
and pay tax if it earns

can two brothers can start their joint HUF

thanks

One reply on this article “HUF formation”

  1. BanyanFA says:

    Check this one out. It was discussed in great depth. I am currently getting one HUF case done for my client as well. The important point to note is that if you or your spouse tends to divert your income / capital into HUF, it would get clubbed under your / wife’s income.

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