Re: [aurangabad_ca] QUERY OF HUF

Wednesday, February 24, 2010 11:13 AM By Livemail

 

Dear Sirs,
 
I have following views on the subject :
 
1.Doner may be of any caste,creed or religion. However,ideally doner(s) should be relative / friend of member of HUF. 
 
2.Donee should be the HUF.
 
3.HUF comes into existence after the marriage of a Hindu male. Any issue ,male or female is not necessary.
 
4.Total Gift amount, if exceeds Rs.50,000/- will be taxable. However, if there is no other income of HUF in the relevant Assessment year, gifts up to Rs.1,60,000/-may be taken.There will be no tax liability. Under these circumstances, gift even upto Rs.2,60,000/-may be taken .However, investment in any of the items specified in section 80 C of Income Tav Act, 1961 shall have to be made to avoid any tax liability.
 
5.Gift deed may be prepared on a Non-Judicial stamp paper or on a plain paper.
 
6.The date of marriage of Karta should be mentioned as the date of formation of H.U.F in the PAN application form . 
 
Regards,
 
CA.K.C.AGRAWAL
 
ALLAHABAD
 
_________________________________________________________________________



--- On Wed, 24/2/10, Siddharth Jain <casiddharthjain@gmail.com> wrote:

From: Siddharth Jain <casiddharthjain@gmail.com>
Subject: Re: [aurangabad_ca] QUERY OF HUF
To: aurangabad_ca@yahoogroups.com
Date: Wednesday, 24 February, 2010, 8:06 PM

 
DEAR FRIEND

IN YOUR QUERY FOLLOWING POINTS SHOULD BE KEPT IN MIND

1) DONOR AND DONEE ARE HINDU
2) DONEE SHOULD BE  MARRIED AND HAVING A MALE ISSUE
3) GIFT AMOUNT IS BELOW RS.50,000/-
4) PREPARE A GIFT DEED EITHER ON STAMP PAPER OR PLAIN PAPER
5) APPLY FOR PAN W.E.F. 01.10.2009


On Sat, Feb 20, 2010 at 8:21 PM, raj sewlani <friendship_see@ yahoo.com> wrote:
 
DEAR FRIENDS..... .
 
      I  have some query in HUF case..... one of my client has started business by taking gift from his father for his family... under the head HUF... but he recieved that amount in cash.... he did not made HUF agreement but he purchased the material in the name of HUF from October.... now he want to Register himself under MVAT.. for that he needs PAN CARd... shall   I indiacte the date of creation of HUF as on 01-10-2009.. . plz. suggest at ealiest...
 
Thanks in Advance....
 
Regards...
Rajesh Sewlani, Bhusawal.

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