Re: [aurangabad_ca] QUERY OF HUF
Dear Mr Rajesh Sewlani
I agree with Mr Rajesh Joshi regarding the date of marriage as the date of start up for the HUF. However your mail states that your client has taken money for starting the business from his father for his family. Please note that any money received from the father or grand father would attract the provisions of clubbing under section 64 of the Income Tax Act, 1961. Even if you establish the business in HUF name, by virtue of the clubbing provisions, the profits would be taxable or clubbed with the father.
Hope you would have taken care of this and if not please plan accordingly
REgards
G.S.SArma
On Mon, Feb 22, 2010 at 10:06 AM, CA RAJEEV JOSHI <rajivjoshica@icai.org > wrote:
If your client is married one, then date of marriage is deemed to be date of creation of HUF.Your client can apply for PAN sdtating date of creation is marriage date.His HUF will get PANCA R B JOSHIKOLHAPUR
On 2/20/10, raj sewlani <friendship_see@yahoo.com > wrote:
. 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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