TAX Benefit under HUF

POSTED BY Sunny ON June 7, 2011 2:16 pm COMMENTS (2)

Hi,

I recently got married and my CA suggested to create a HUF file . 

My wife and I are salaried employee and we have salaries which has TDS. We dont have anyproperty as such, we have investement in stocks and MF.

I would like to know :

1. HUF will cover my parents as well, My father doesnt have HUF file. With POV of tax saving.

2. HUF can be beneficial to salaried employees like us for regular IT purpose?

3. If not In which cases It can be beneficial. 

 

And are there any disadvantages?

 

2 replies on this article “TAX Benefit under HUF”

  1. ashal jauhari says:

    Dear Sunny, Either you may be a part of your father’s HUF or you may start your own HUF. As there is no ancestral property or some other source of income which can be diverted to HUF, you (both of you) may not get the immediate benefit from HUF but in future you may get a benefit if your HUF starts now & over the period there is some capital in the HUF.

    You may ask Manish to get my personal mail ID if you want to discuss it in detail as going ahead ‘ll involve personal info sharing which you may not prefer to share on a general platform like this forum.

    Thanks

    Ashal

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