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A Common question from CA.

A Common question from CA. Sir , how can I save my tax. One of the legal way is creating HUF. What is HUF ?.

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A Common question from CA.

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  1. A Common question from CA. Sir , how can I save my tax

  2. One of the legal way is creating HUF

  3. What is HUF ? In India there is a culture of joint families and there are many Income which arise to family as a whole and not to one specific individuals say for eg. Rent. If rent is received from a property which is jointly owned by all the members , that the income will be taxed in hand of whole family and in hand of one specific individual.

  4. Logic behind creating HUF . As a new PAN card would be alloted to the whole family , it will also enjoys the benefits of Income tax slab .

  5. How to create a HUF ? No formal action is required to be taken at the time of marriage for creation of an HUF and only creation deed is to be furnished on a stamp paper.

  6. HUF consist of : Karta : genrally father Co-parceners : Co- parcener is the person who has the right to demandthe share of the property of the family if he/she want to part away with the family ,with his or her share . Note : All member are Co- parcener.

  7. How to put fund in HUF ? There are numerous ways , some popular are : • One can receives gift from member of bigger huf. • Parent can also gift fund to an huf via gift deed clearly specifying that gift is directed toward Son’s huf. • Gift can be accepted from stranger but only upto 50000 /-

  8. Benefits of forming HUF • HUF is eligible for deduction under section 80D ,80G ,80C. • A HUF also enjoy exemption under section 54 and 54F in respect of capital gain . • HUF also get advantages of slab rate taxability. • also , under wealth tax act,1957.

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