Fantastic lecture, u made it so easy to understand ,covering almost all issues for normal persons who r neither students or ca s .thank u again fr sharing the knowledge.
Sir , Explained very well, in Lucid manner...... My Q , Member of HUF (Not Coparcener) can't demand partition , but say if in case of Complete partition of HUF , that Member can claim reasonable amount , as stated in Ur Chart, what is that reasonable amount ???...... Or if say , Member don't wish any Share from partition, then ???? Pls also Share ratio of distribution in case of Son/Daughter , and Son's Son , Daughter's Son......
🙏🙏🙏. Beautiful explanation. A small query : 1. If I transfer 10L from my saving account to HUF account and HUF starts a business and earns 5L in a FY then how much of that 5L is taxable under my account as per clubbing provisions and how much under HUF account? 2. On the second FY if the HUF earns 5L more as profit will that also be taxable under my account and if yes for how many FY will this continue? Regards.
Amount withdrawal by a Karta/Member of HUF from HUF Capital Account can use the same amount as addition to capital of other business run as a proprietor.
Thank you for creating such-informative video. Though I have few questions to cross check if my understanding is correct, it would be really helpful if you may answer them (Even “yes/no” will be enough) I am part of my fathers HUF, but now I want to create my own HUF (me/my wife/ kid) for tax saving : 1. If I transfer 1,50,000 into my HUF account and invest in PPF from HUF account - I will not incur tax since HUF income will be tax free ? 2. If my friend gift me 2.5 Lac - I will not incur any tax because of income tax limit ? 3. Can my father/mother/brother gift me Rs 2.5 lac instead of friend ? Without attracting clubbing of tax provision ? 4. If 10 of my friend gift me 50000 each, will I incur any tax ? Thanks for your help.
Hello Thanks you have covered most of the things.... please explain below.... 1. If I transferred my equity to HUF demat how will be the tax liabilities wrt STCG / LTCG ? 2.Should I claim rental income of house in my name as HUF income or this needs to be transferred 1st.
Hi Sir, Thank you for the wonderful knowledge sharing. Really appreciated. I have a question: - Should we need to add Daugher-In-Low and Grand-Daughter in deed? - Can a co-parceners (Karta's Son) create their own HUF in case he is already part of Dad's HUF? Thanks in Advance for all the information :)
Can school tution fees will be considered for IT exemption under 80C for HUF, if I pay the school tuition fee of my kids who are HUF members through the HUF savings account?
Annop Sir ji, Pranaam. I have created a HUF since have got ancestral agri land of forefathers. HUF is submitting return since last 17 years & have accumalated some stock & mutual funds. Now coming to the point myself as individual (karta of abovesaid HUF) & my wife as member of the HUF intend to gift some of equity shares to HUF. My question is What will be the tax implication of the dividend income received against that transferred shares, whether it will be payable by HUF or individual?? & Capital Gains tax if sold in future.
After watching full video and reading reply to comments I have developed understanding that 1: every year transfer rs 250000 to huf from your income and file itr. 2. Next year that amount will become asset of huf. 3. Keep repeating the step 1 and 2 to create corpus then start further investing it to get income from huf. Please reply if I got the right understanding or not.🙏 One question can a huf contribute towards PPF of minor members and take exemption under 80c.
Please take care of following: 1. you should not receive gift from members 2. income on preceding years gift along with current year gift will form total income for the current AY. 3. In my opinion HUF can contribute to the minor members ppf to claim 80C deduction.
@@CAAnoopBhatia🙏 Thank sir. You are giving very valuable knowledge for free👍. One question if member do deposit some funds in huf but do not invest it , in that f.y so, huf wouldn't be generating any income. Aur agle f.y. mein usse invest karde chahe fd, NCD, mutual fund or securities to make income belongs to huf. Is that right way to accumulate wealth in huf?🙏
Thank You for the wonderful sharing. I have certainly queries can you please resolve. 1. The Deed is to be prepared on a Stamp Paper if yes then what value? Also is it required to get affidavit done of the deed. 2. When you say members can gift which is non taxable. So can my Father, Mother and Brother Gift to my HUF without it being taxed to the HUF? 3. Can Commission and brokerage be taken as income in HUF? 4. Can a property be bought by taking loans from Family?
The answers are as such: 1. Deed stamp paper value may differ from state to state, please refer your state law stamp duty rates. 2. Gifts from father, mother, brother etc. to your HUF would be taxable for HUF 3. Commission / brokerage is usually not suggested as HUF income. 4. Propety may be bought no issues as such.
Jai sairam....Babamalik Sir kya in me kuch member ko nahi bhi liya ja sakta hai creat ke time....e,g 2 brother and 2 sister hai hai to unme se do 2 brother and mata pita milkar huf bana sakte hai?
@@CAAnoopBhatia sir, you are doing great work. I have HUF related question. My father expired in year 2002 and i am filling his HUF return since then. I am showing rent from shops as income. This property is ancestral in the name of my grandfather and his brother. But recently 2 years ago, ownership transferred to my mother. I am married. Can i continue to show this rental income in huf return or it should treat as income of my mother? Plz guide. My mail id is amitgarg1981@gmail.com
Thanks for sharing great information. Quick Question - If I'm already a salaried individual/self employed, can I create take my other profession freelancing income under HUF to save tax? Please guide.
Informative video.... What about difference between specified HUF n unspecified HUF.. could you please explain in your next video... Income of HUF first deposited in RD account ,made in the name of individual members and then handed over to them on monthly basis for their house hold maintenance exp...some members spent whole money ,some members saved money and accumulated as capital,,,,,,this will be the capital of member in individual capacity or this kind of capital will be treated capital of that members Smaller HUF. distributed amongst members
Sir as on date there is no difference between the specified HUF and non-specified HUF from Income Tax point of view. Distribution of HUF's income amongst the members is exempt in the hands of receipient member. However, if member earn from such income share then it will be taxable in their personal hands only.
@@CAAnoopBhatia Dear Anoop, good morning... My query is,,, Father's HUF's income shared between father, son, daughter n wife on monthly basis... As son is married having one son,and salaried employee... His monthly expenses met from salary n receipt from HUF on monthly basis accumulated and deposited in Bank , getting Interest ,,, such interest can be treated as son's HUF consisting of son, son's wife and son's son. Son's HUF already in existence n taxable entity...,, Will appreciate your advise.. regards n thanks
Sir in my family combined income of husband and wife is 30 lakhs...Now My question is 1) Can I form an HUF with me and my wife? 2) Can me and my wife give HUF loan of 20 lakhs..The HUF will invest in Mutual Funds, FD etc and pay tax on income..Is it possible?
Hello sir I have a question There is a father's immovable property which is generating rental income, after the death of both of the parents. The son is receiving property, daughter don't wants to claim any right in that property. The son what's to create his own HUF with his wife and children & wants to recieve the parents property directly into that HUF. There is no WILL made by the parents. Is this trf exempt in the hands of HUF as it's inheritance property or it will be taxable (as parents where not member of his son's HUF)? And whether clubbing provision will be applicable? Thanking you in advance.
In my opinion the relevant property will be treated to be individual property of son and daughter. Yet daughter may relinquish share in favor of her brother but still it's not a HUF property. However, if still son transfers the property to HUF then clubbing provisions shall apply.
Very useful video sir. i have few questions: 1. Is HUF applicable for new tax law 2. Can i pay X amount from my salary to HUF and HUF pay to my Wife : Every Month ( is this salary or some thing else: i dont know) This X amount can be cut from my Salary so that Taxable amount is reduced. My Wife dont pay income tax so she can go upto 2.5Lakhs
HUF may avail new slab rate, salary to a member of HUF should be paid when such person is contributing to the conduct of business of HUF otherwise not. Rest pls consult with your CA.
Sir, Really you have beautifully explained the concept of HUF. But, I have one question in mind that if both parents (father & mother) of TWO unmarried Siblings (a brother and a sister) have suddenly demised intestate. Both deceased parents were not having any HUF. So, I just wish to know whether these unmarried Siblings can form HUF regarding their parents' property / other assets / bank savings etc. OR their son has to wait for forming HUF till he gets married.
Very informative video ...its all about HUF....I have one question that I had a baby after 3 years of my HUF created date..so now how can I add my new born baby in my HUF
Great. Thanks for the shared informations. Just have a query. If we are two brothers. I am the younger one and I have a elder brother. we have our father as well and he is live. We all are living separately. Now if I want to form a huf in my name, can I form the same? Can I become karta for my huf? Pls guide.
Mujhe IPO listing purpose ke liye apne papa ka HUF banana hai , mai unmarried hu , mere papa govenrment employ hai isliye mai hi karta ban jau soch raha hu , suggest me what should i do and how to ?
Sir, one question please. My father has HUF but he died in year 2002. i am continuously filing IT return as a Karta since then. There is no written agreement of huf. Now I want to open my own HUF. I have wife and children. Can i do this? Can my mother become Karta of my father's huf? Or I can be karta of both huf?
Sir, I was continuing my father's huf as Karta. My father was passed away in 2002 but now I want to continue my own HUF. How to dissolve my father's HUF as I have not found any deed in old records. Plz guide sir. Also how to transfer capital of my father's huf. My mother is alive.
Bhatia sir excellent explanation 🙏 Can I withdraw cash from my HUF account for my family maintenance, Lic premium for members, Medical Policy Premium etc.. please explain sir how can I withdraw cash periodically from my HUF Account.
It can be rental income, business income, capital gain income, divident income etc. The source is either ancestoral property or a gift to HUF or from the activities of HUF even.
Thank you sir for such a lucid lecture on HUF . I have a question can huf of son receive a gift from his mother of say immovable property without attracting tax
Sir , what if the mother gives son a gift and in turn son uses this property to form initial corpus of his HUF and then earn some income from this property what will be the taxability position then thank you in advance
Very clear and comprehensive explaination Sir. I have one question sir. I have a son & daughter. Can I form one HUF with my son & wife and one more with my wife and daughter. Thanks & Regards
Thank u so much for sharing such important information. Sir, I am a senior citizen aged 70 years. If I open a HUF account and in this my son (who is married) is a co-spencer, whether son can open separate HUF account?
Thanks for sharing the Information . Sir need your guidance Can a person transfer funds from his savings account directly into the HUF Saving Account if that person is the Karta of that HUF? & if Yes then up-to what limit In an Financial Year ? Please Help Thanks in advance.
No limit on transfer of your personal funds to HUF but if it's a gift to HUF income from such gift in the hands of HUF shall be subject to clubbing hence such transactions should be avoided.
Am I eligible to open a demat account for my HUF with zerodha and start investing to mutual fund and shares? Currently my HUF only has 2 members me as karta and my wife as member and we do not have a child. So my question is Am I eligible to open demat account for my HUF and can i start investing?
HUF Questions: My father had LIC policy of 10 lakh and that policy matured now, I want to transfer this 10 lakh in to my HUF account from FY : 22-23 Question: Suppose i invest this 10 lakh in this FY: 22-23 and earn return of Rs 4 Lakh then Do my HUF have to pay tax on these Rs 14,00,000 or need to pay tax on Rs 4 lakh ????
Sir thank you for this informative video, you explained perfectly but I have some queries in my condition. Sir please clear my following doubts- 1. Sir I have agriculture income. The ancestral land is still in the name of my grandfather and my father, mother, grandmother and grandfather all are no more. I am sole owner of my part alongwith my cousin and total agriculture income divide between both of us, I have a HUF with my wife and two sons, in this case can I keep the ancestral agriculture income in HUF name because I and my wife both are working and don't want to club such any income with us. 2. I want to give loan to my huf for share trading, is there any limit for such loan from karta, in case of loss huf can pay interest in coming financial year. 3. Suppose my yearly agriculture income Rs. 3 lakh then can I deposit 9 lakh in huf account for last 3 years income because that income was not shown in any ITR. 4. As karta can I hand over my huf account to any expert/relative for share trading in name of huf account and will the fee be charged on huf account? Thank you sir in advance. .
Very informative video! Had one query though, do I need to prepare proof (Gift Deed/affidavit) for gifts received from members? What if the gifts are cash transfers via electronic modes (NEFT/IMPS), is this even allowed and if yes, what is the taxability?
Sir I have completed Diploma in taxation laws 2 years ago,now I want to be registered income tax practitioner,so what will be the procedure please explain.
Govind ji the institution providing you such diploma will be in better position to explain the practise aspect. However as such Income Tax Act 1961 does not bar you from representing any assessee before the assessing officer so you may start your practice in that manner.
Many thanks for providing insights on HUF. Is there any way to save tax on rental income in the following condition: A state government employee who is earning salary and also earns rental income on his self occupied property (1 floor is Self occupied and 2 floors are rented) creates an HUF and transfers this self occupied property to HUF. As you have mentioned in the video the rental income from that property will be clubbed in the hands of the transferor. So is there any way out to save this tax legally? May be by transferring the property to son or any other method?
Akhil ji transferring of asset by you to your spouce will attract clubbing back in your hands. Whereas if you transfer the asset to your son's HUF that will be a long term planning but in that case the receipient i.e. your son's HUF will be taxable for full value of the property received as you are not member of your son's HUF. My suggestion was in reference to the ancestoral property. However if you write a will in favor of your son's HUF then at the time of execution of will the asset can move to your son's HUF without any tax implication.
Thank you very much sir! Cleared so many doubts. Actually I want to create an HUF for our business which has been existing for 8-9 years. We have our firm's GST no. but the income tax is solely paid by my father. So is it advisable to create an HUF for our firm? We do not have any rental income!
Sir The karta is introducing capital to huf in form of loan with reasonable interest. Huf makes investments from given loan and earns income . Income from investment is clubbed in hands of karta or treated as huf income ?
Hi Anoop Bhatia Sir, If HUF Member transfers Rs 10 lacs money to HUF and then HUF Buys Sovereign Gold Bonds with 1 year expiry from secondary market. 2.5% interest will be taxable as HUF Member's income for just 1 year (till expiry), but will total SGB on maturity (Rs 10 lacs + Capital gain) will it be tax free in hands of HUF and HUF can then keep the money as HUF Corpus? Look forward to your expert advice please
As a Karta can i give loan to HUF ? if HUF get this loan and if same amount is used for trading by Katra using HUF , then who will get the resultant income ?
Well explained sir my question is Iwant to apply for huf Pan number is it necessary to add my married daughter or it is Optional 2 is it necessary to nottery the affidavit please advise Thank you
An karta and members contribute capital to HUF for example transferring 10 lakhs. I am asking this question is this is not a gift or loan or ancestral property?
It's by default assumed as gift or throwing individual asset into common hotch potch of HUF with the purpose of treating it HUF asset. It's not taxable in the hands of HUF.
Thank you very much for making good video on HUF topic. I have question, I am salaried person and If I open HUF account for me, my wife , my son and adding parents as only member, so Question no1: Can I park money from my salary income to HUF account, will it be taxfree capital/corpus for HUF?? Q2: Can I add my parents as member-only in HUF (not coparceners), Can they gift cash or money to my HUF account, will it have any kind of tax? Q3: can my brother and his wife gift cash or money to my HUF account, will it be taxable? Sir please give more clarity on them.
Deepak ji only you, your wife and kids are members of your HUF, your parents are not and can not be made members of your HUF yet you all are members of your father's HUF. So if your receive gift from parents or brother or brother's wife in your HUF for a year exceeding Rs. 50000 in total it will be taxable in the hands of your HUF. As such the transfer of your own funds to your HUF is concerned that will not be taxable for HUF but income earned from such funds will be taxable back in your hands i.e. by way of clubbing u/s 64(2) of the Income Tax Act 1961.
@@CAAnoopBhatia Thank you very much for the quick response ..making things clear...I would like to contact you personally for further discussion. How can we connect? may by Facebook or any other mode?
I have 2 rental properties. 1 is registered in my name and the other is in my Wife's name. This is not ancestral property. Can I take rent in the HUF account
Hi sir.. thank you for the wonderful video. Just wanted to ask that what is the limit to which I can pool the capital into HUF. For eg. If I've various investments of say ₹50 lacs on which I am earning some returns and on that also I've to pay tax (tax on returns). To avoid this tax I would encash all my investments, transfer the money to HUF ( say as interest free loan) and then invest in the same way earlier and start earning tax free returns (upto 2.5 lacs). Can I do this? If "yes", what would be the tax treatment on the money I receive back from HUF towards loan repayment.
Beautifully explained in v v v lucid language....
Hats off boss....🙏
U r an amazing mentor ❤️
Thanks Ankit bhai.
धन्यवाद सर आप बहुत सरल एवम अच्छे तरीके से समझाते हो. 🙏🙏🙏🙏
Welcome.
Very much impressed with your pattern to guide .
Regards
Many thanks!
Fantastic lecture, u made it so easy to understand ,covering almost all issues for normal persons who r neither students or ca s .thank u again fr sharing the knowledge.
Thanks for kind appreciation.
Sir , Explained very well, in Lucid manner......
My Q , Member of HUF (Not Coparcener) can't demand partition , but say if in case of Complete partition of HUF , that Member can claim reasonable amount , as stated in Ur Chart, what is that reasonable amount ???......
Or if say , Member don't wish any Share from partition, then ????
Pls also Share ratio of distribution in case of Son/Daughter , and Son's Son , Daughter's Son......
Heads of you Sir. Apne jau HUF explained kiya hai., this is out of the box, Nice thanks for clarification
Thanks and welcome
🙏🙏🙏. Beautiful explanation.
A small query :
1. If I transfer 10L from my saving account to HUF account and HUF starts a business and earns 5L in a FY then how much of that 5L is taxable under my account as per clubbing provisions and how much under HUF account?
2. On the second FY if the HUF earns 5L more as profit will that also be taxable under my account and if yes for how many FY will this continue?
Regards.
Amount withdrawal by a Karta/Member of HUF from HUF Capital Account can use the same amount as addition to capital of other business run as a proprietor.
Very good morning 🌄 sir
Thanks for sharing
Most welcome
Very nice and simple to understand sir.
Thanks Mohit ji for kind appreciation.
It was really amazing, making it really easy gave us a complete understading...............l
Thanks Shubham :)
Thank you for creating such-informative video. Though I have few questions to cross check if my understanding is correct, it would be really helpful if you may answer them (Even “yes/no” will be enough)
I am part of my fathers HUF, but now I want to create my own HUF (me/my wife/ kid) for tax saving :
1. If I transfer 1,50,000 into my HUF account and invest in PPF from HUF account - I will not incur tax since HUF income will be tax free ?
2. If my friend gift me 2.5 Lac - I will not incur any tax because of income tax limit ?
3. Can my father/mother/brother gift me Rs 2.5 lac instead of friend ? Without attracting clubbing of tax provision ?
4. If 10 of my friend gift me 50000 each, will I incur any tax ?
Thanks for your help.
Hello Thanks you have covered most of the things.... please explain below....
1. If I transferred my equity to HUF demat how will be the tax liabilities wrt STCG / LTCG ?
2.Should I claim rental income of house in my name as HUF income or this needs to be transferred 1st.
Very nice👍
Sir, very well explained thank you.
Welcome.
Sir please make more such videos. Very informative
Thanks Naveen bhai. I will try.
Hi Sir, Thank you for the wonderful knowledge sharing. Really appreciated.
I have a question:
- Should we need to add Daugher-In-Low and Grand-Daughter in deed?
- Can a co-parceners (Karta's Son) create their own HUF in case he is already part of Dad's HUF?
Thanks in Advance for all the information :)
Very much detailed information 👍
Thank You Sir ❤️
Most welcome and thanks.
Very Easy To Understand 👌👍👍
Thanks Govind ji.
You are Great.. Sir
Thanks :)
Good job sir well explained .
Good & Informative video 👍👍
Thanks Prateek ji.
Can school tution fees will be considered for IT exemption under 80C for HUF, if I pay the school tuition fee of my kids who are HUF members through the HUF savings account?
Annop Sir ji, Pranaam.
I have created a HUF since have got ancestral agri land of forefathers. HUF is submitting return since last 17 years & have accumalated some stock & mutual funds. Now coming to the point myself as individual (karta of abovesaid HUF) & my wife as member of the HUF intend to gift some of equity shares to HUF.
My question is What will be the tax implication of the dividend income received against that transferred shares, whether it will be payable by HUF or individual?? & Capital Gains tax if sold in future.
Thanks a lot. 🙏🙏🙏🙏
God bless u sir. 💟💟💟💟
Thanks Ashish ji for kind appreciation and blessings.
Saving account transaction business ke liye use kiya ja sakta hai non gst ragistration
Detailed explanation sir ji.
I'm a Govt. Employee sir Can I transfer some amount of money in HUF acc. from salary .
You may transfer but conceptually income earned by HUF on such amount should come back to your hands for taxation
After watching full video and reading reply to comments I have developed understanding that
1: every year transfer rs 250000 to huf from your income and file itr.
2. Next year that amount will become asset of huf.
3. Keep repeating the step 1 and 2 to create corpus then start further investing it to get income from huf.
Please reply if I got the right understanding or not.🙏
One question can a huf contribute towards PPF of minor members and take exemption under 80c.
Please take care of following:
1. you should not receive gift from members
2. income on preceding years gift along with current year gift will form total income for the current AY.
3. In my opinion HUF can contribute to the minor members ppf to claim 80C deduction.
@@CAAnoopBhatia🙏 Thank sir. You are giving very valuable knowledge for free👍.
One question if member do deposit some funds in huf but do not invest it , in that f.y so, huf wouldn't be generating any income. Aur agle f.y. mein usse invest karde chahe fd, NCD, mutual fund or securities to make income belongs to huf. Is that right way to accumulate wealth in huf?🙏
@@129prashant
Bhatia sir plz reply to this...i have same query..
@@CAAnoopBhatia sir plz reply to prashant kumar' s query...i have same query
Thank You for the wonderful sharing. I have certainly queries can you please resolve.
1. The Deed is to be prepared on a Stamp Paper if yes then what value?
Also is it required to get affidavit done of the deed.
2. When you say members can gift which is non taxable. So can my Father, Mother and Brother Gift to my HUF without it being taxed to the HUF?
3. Can Commission and brokerage be taken as income in HUF?
4. Can a property be bought by taking loans from Family?
The answers are as such:
1. Deed stamp paper value may differ from state to state, please refer your state law stamp duty rates.
2. Gifts from father, mother, brother etc. to your HUF would be taxable for HUF
3. Commission / brokerage is usually not suggested as HUF income.
4. Propety may be bought no issues as such.
Jai sairam....Babamalik
Sir kya in me kuch member ko nahi bhi liya ja sakta hai creat ke time....e,g 2 brother and 2 sister hai hai to unme se do 2 brother and mata pita milkar huf bana sakte hai?
Wonderful video sir 🙏
Thankyou so much sir 🤗..covered almost all related tax aspects..👌
Thanks Sir.
@@CAAnoopBhatia sir, you are doing great work. I have HUF related question. My father expired in year 2002 and i am filling his HUF return since then. I am showing rent from shops as income. This property is ancestral in the name of my grandfather and his brother. But recently 2 years ago, ownership transferred to my mother. I am married. Can i continue to show this rental income in huf return or it should treat as income of my mother?
Plz guide. My mail id is amitgarg1981@gmail.com
Good Evening
You are excellent Sir
Thanks :)
well explained.
Explained beautifully
Thanks a lot 😊
Thankyou sir ❤❤❤❤
Welcome.
Thanks for sharing great information. Quick Question - If I'm already a salaried individual/self employed, can I create take my other profession freelancing income under HUF to save tax? Please guide.
Professional freelancing income should not be offered as HUF income in my opinion, yet you may consult with your CA.
As per my understanding HUF cannot undertake any preofession, it can only carry out business and renting activities
Succession और HUF के नियम की विस्तृत जानकारी दीजिये 🙏🙏
Nicely explined sir
Thanks and welcome
Excellent explanation sir.
Thanks and welcome
Great information sir
Thanks :)
Informative video.... What about difference between specified HUF n unspecified HUF.. could you please explain in your next video... Income of HUF first deposited in RD account ,made in the name of individual members and then handed over to them on monthly basis for their house hold maintenance exp...some members spent whole money ,some members saved money and accumulated as capital,,,,,,this will be the capital of member in individual capacity or this kind of capital will be treated capital of that members Smaller HUF. distributed amongst members
My e mail I'd is... arunbhatt2017@gmail.com
Sir as on date there is no difference between the specified HUF and non-specified HUF from Income Tax point of view. Distribution of HUF's income amongst the members is exempt in the hands of receipient member. However, if member earn from such income share then it will be taxable in their personal hands only.
@@CAAnoopBhatia Dear Anoop, good morning... My query is,,, Father's HUF's income shared between father, son, daughter n wife on monthly basis... As son is married having one son,and salaried employee... His monthly expenses met from salary n receipt from HUF on monthly basis accumulated and deposited in Bank , getting Interest ,,, such interest can be treated as son's HUF consisting of son, son's wife and son's son. Son's HUF already in existence n taxable entity...,, Will appreciate your advise.. regards n thanks
Sir in my family combined income of husband and wife is 30 lakhs...Now My question is
1) Can I form an HUF with me and my wife?
2) Can me and my wife give HUF loan of 20 lakhs..The HUF will invest in Mutual Funds, FD etc and pay tax on income..Is it possible?
Hello sir
I have a question
There is a father's immovable property which is generating rental income, after the death of both of the parents. The son is receiving property, daughter don't wants to claim any right in that property.
The son what's to create his own HUF with his wife and children & wants to recieve the parents property directly into that HUF. There is no WILL made by the parents.
Is this trf exempt in the hands of HUF as it's inheritance property or it will be taxable (as parents where not member of his son's HUF)?
And whether clubbing provision will be applicable?
Thanking you in advance.
In my opinion the relevant property will be treated to be individual property of son and daughter. Yet daughter may relinquish share in favor of her brother but still it's not a HUF property. However, if still son transfers the property to HUF then clubbing provisions shall apply.
Awesome Inc
Thanks.
Sir will implications of Mitakshra and Dayabhaga law school come into picture upon creating HUF ?
PS- I'm a Bengali Hindu by birth.
Very useful video sir. i have few questions:
1. Is HUF applicable for new tax law
2. Can i pay X amount from my salary to HUF and HUF pay to my Wife : Every Month ( is this salary or some thing else: i dont know)
This X amount can be cut from my Salary so that Taxable amount is reduced.
My Wife dont pay income tax so she can go upto 2.5Lakhs
HUF may avail new slab rate, salary to a member of HUF should be paid when such person is contributing to the conduct of business of HUF otherwise not. Rest pls consult with your CA.
Ca oc training me aap aye the maza aya tha...indore branch
Thanks for remebering.
@@CAAnoopBhatia yessss🙏
Thanks sir, sir TDS Penalty, Correction par koi please video banayiye....
OK Ravi bhai I will try.
Sir, Really you have beautifully explained the concept of HUF. But, I have one question in mind that if both parents (father & mother) of TWO unmarried Siblings (a brother and a sister) have suddenly demised intestate. Both deceased parents were not having any HUF. So, I just wish to know whether these unmarried Siblings can form HUF regarding their parents' property / other assets / bank savings etc. OR their son has to wait for forming HUF till he gets married.
My prima facie opinion is that such estate is personal estate of siblings and not HUF asset.
Sir, thanks for a very informative video. How much gift can a karta give to HUF in a year without any tax liability. Thanks 🙏
Karta may give any amount of gift however please note if Karta gives gift to HUF then clubbing provisions shall attract.
Very informative video ...its all about HUF....I have one question that I had a baby after 3 years of my HUF created date..so now how can I add my new born baby in my HUF
The baby is already added by birth, no need to have a seperate addition.
Great. Thanks for the shared informations. Just have a query. If we are two brothers. I am the younger one and I have a elder brother. we have our father as well and he is live. We all are living separately. Now if I want to form a huf in my name, can I form the same? Can I become karta for my huf? Pls guide.
If you are married you may form a HUF by applying for a PAN.
Mujhe IPO listing purpose ke liye apne papa ka HUF banana hai , mai unmarried hu , mere papa govenrment employ hai isliye mai hi karta ban jau soch raha hu , suggest me what should i do and how to ?
Good Information shared by you sir. Almost all information covered.
Really refresh my knowledge on HUF.
Keep sharing all information.
Thank you.
Thanks Sanjay ji.... I will keep on trying.
very well explained
Thanks for liking
Sir, one question please. My father has HUF but he died in year 2002. i am continuously filing IT return as a Karta since then. There is no written agreement of huf. Now I want to open my own HUF. I have wife and children. Can i do this? Can my mother become Karta of my father's huf? Or I can be karta of both huf?
Very useful explanation
Thanks Bharat ji.
Thank you sir, keep up the good work
Thanks, will do!
by heart, Very much Thanks,
Thanks Naveen ji.
Sir, I was continuing my father's huf as Karta. My father was passed away in 2002 but now I want to continue my own HUF. How to dissolve my father's HUF as I have not found any deed in old records. Plz guide sir. Also how to transfer capital of my father's huf. My mother is alive.
Bhatia sir excellent explanation 🙏
Can I withdraw cash from my HUF account for my family maintenance, Lic premium for members, Medical Policy Premium etc.. please explain sir how can I withdraw cash periodically from my HUF Account.
Yes all such withdrawal are possible for genuine needs of the HUF.
Thank you Sir...
Meri doubt Hai... Huf ki income Kya Kya ho sakti Hai... N source of income Kya hoti Hai.... Apart from interest income..,
It can be rental income, business income, capital gain income, divident income etc. The source is either ancestoral property or a gift to HUF or from the activities of HUF even.
Nice information sir
Thanks and welcome Devashish bhai.
Thank you sir for such a lucid lecture on HUF . I have a question can huf of son receive a gift from his mother of say immovable property without attracting tax
Thanks for kind appreciation. If mother gives immovable property to her son's HUF it will be taxable in such HUF's hands.
Sir , what if the mother gives son a gift and in turn son uses this property to form initial corpus of his HUF and then earn some income from this property what will be the taxability position then thank you in advance
Sir Huf is on my father's name. Father passed away. Now my sister is elder but she's married. Can I become karta of HUF?
Very clear and comprehensive explaination Sir.
I have one question sir. I have a son & daughter. Can I form one HUF with my son & wife and one more with my wife and daughter. Thanks & Regards
Sir as a male you may have your own HUF with your spouse, son, daughter all. You can't have 2 hufs one with son other with daughter.
If my wife and I form huf and have some capital gain under the huf pan, will it be taxed under huf even if we don't have any children?
Thank u so much for sharing such important information.
Sir, I am a senior citizen aged 70 years. If I open a HUF account and in this my son (who is married) is a co-spencer, whether son can open separate HUF account?
Yes Sir such account may be operated by your son even.
Namaste
Will the maintenance given to the members of huf or the the family expenditures be treated as an expense.
Prima facie no.
Sir agar kisi person ki marrige 2015 me hui he or huf ka pan card 2022 me banaya he 2023 k return me opening capital dekha sakte he?
Thanks for sharing the Information . Sir need your guidance Can a person transfer funds from his savings account directly into the HUF Saving Account if that person is the Karta of that HUF? & if Yes then up-to what limit In an Financial Year ? Please Help Thanks in advance.
No limit on transfer of your personal funds to HUF but if it's a gift to HUF income from such gift in the hands of HUF shall be subject to clubbing hence such transactions should be avoided.
Am I eligible to open a demat account for my HUF with zerodha and start investing to mutual fund and shares? Currently my HUF only has 2 members me as karta and my wife as member and we do not have a child. So my question is Am I eligible to open demat account for my HUF and can i start investing?
छान छान
HUF Questions:
My father had LIC policy of 10 lakh and that policy matured now, I want to transfer this 10 lakh in to my HUF account from FY : 22-23
Question:
Suppose i invest this 10 lakh in this FY: 22-23 and earn return of Rs 4 Lakh then Do my HUF have to pay tax on these Rs 14,00,000 or need to pay tax on Rs 4 lakh ????
Hi, Can you please answer if HUF can pay for the family maintenance like rent and daily bills and remove that from the HUF income?
Yes HUF may pay for the benefit of family yet deduction for such expenses may not be allowed.
Sir thank you for this informative video, you explained perfectly but I have some queries in my condition. Sir please clear my following doubts-
1. Sir I have agriculture income. The ancestral land is still in the name of my grandfather and my father, mother, grandmother and grandfather all are no more. I am sole owner of my part alongwith my cousin and total agriculture income divide between both of us, I have a HUF with my wife and two sons, in this case can I keep the ancestral agriculture income in HUF name because I and my wife both are working and don't want to club such any income with us.
2. I want to give loan to my huf for share trading, is there any limit for such loan from karta, in case of loss huf can pay interest in coming financial year.
3. Suppose my yearly agriculture income Rs. 3 lakh then can I deposit 9 lakh in huf account for last 3 years income because that income was not shown in any ITR.
4. As karta can I hand over my huf account to any expert/relative for share trading in name of huf account and will the fee be charged on huf account?
Thank you sir in advance.
.
Sir kya mai huf ke demat account me salary se monthly fund tranfer kar trading kar sakta hu
Sir, kya me apne income se every month kuch gift HUF me de Sakta hu? Uske liye koi formality he ya just transfer karna he
You may give gift to HUF but in such case income derived by HUF from gifted money will be taxable in your hands.
Very informative video! Had one query though, do I need to prepare proof (Gift Deed/affidavit) for gifts received from members? What if the gifts are cash transfers via electronic modes (NEFT/IMPS), is this even allowed and if yes, what is the taxability?
Preparing proof is a welcome step to face any future enquiry.
@@CAAnoopBhatia sir after cash transfer via electronic means and If this amount HUF do FD then. Interest income of FD is taxable to HUF or to me.
@@bishtpramod8820 sir i think if you do FD for HUF then you will use HUF PAN card, then intrest income of that fd is income of HUF and not yours
@Anshul kindly tell us that have you prepared gift deed or online record (NEFT/IMPS) was sufficient?
Sir I have completed Diploma in taxation laws 2 years ago,now I want to be registered income tax practitioner,so what will be the procedure please explain.
Govind ji the institution providing you such diploma will be in better position to explain the practise aspect. However as such Income Tax Act 1961 does not bar you from representing any assessee before the assessing officer so you may start your practice in that manner.
Thanks sir
Welcome :)
Many thanks for providing insights on HUF.
Is there any way to save tax on rental income in the following condition:
A state government employee who is earning salary and also earns rental income on his self occupied property (1 floor is Self occupied and 2 floors are rented) creates an HUF and transfers this self occupied property to HUF.
As you have mentioned in the video the rental income from that property will be clubbed in the hands of the transferor. So is there any way out to save this tax legally? May be by transferring the property to son or any other method?
Akhil ji transferring of asset by you to your spouce will attract clubbing back in your hands. Whereas if you transfer the asset to your son's HUF that will be a long term planning but in that case the receipient i.e. your son's HUF will be taxable for full value of the property received as you are not member of your son's HUF. My suggestion was in reference to the ancestoral property. However if you write a will in favor of your son's HUF then at the time of execution of will the asset can move to your son's HUF without any tax implication.
Thank you very much sir! Cleared so many doubts. Actually I want to create an HUF for our business which has been existing for 8-9 years. We have our firm's GST no. but the income tax is solely paid by my father. So is it advisable to create an HUF for our firm? We do not have any rental income!
HUF of firm is not a right concept yet HUF may run a concern having GST. You should contact with a nearby CA.
@@CAAnoopBhatia ok sir! Thank you!
Sir
The karta is introducing capital to huf in form of loan with reasonable interest. Huf makes investments from given loan and earns income . Income from investment is clubbed in hands of karta or treated as huf income ?
In such case only interest income should be taxable in the hands of karta.
Thankyou sir. Only interest income on loan taxed in hands of karta. Capital gains from investments taxable in hands of huf , right ?
where can we use HUF account money ?
Hi Anoop Bhatia Sir, If HUF Member transfers Rs 10 lacs money to HUF and then HUF Buys Sovereign Gold Bonds with 1 year expiry from secondary market. 2.5% interest will be taxable as HUF Member's income for just 1 year (till expiry), but will total SGB on maturity (Rs 10 lacs + Capital gain) will it be tax free in hands of HUF and HUF can then keep the money as HUF Corpus?
Look forward to your expert advice please
In such case the interest as well as capital gain both should be clubbed in the hands of member.
As a Karta can i give loan to HUF ? if HUF get this loan and if same amount is used for trading by Katra using HUF , then who will get the resultant income ?
Loan may be given, if it's a loan income will be that of HUF.
@@CAAnoopBhatia sir , will HUF be able to deduct that interest paid to karta from its business income ?
Sir huf me g pay se payment le sakte hai
sir agr karta HUF mai funding krta hai to kay karta ko us fund pr tax benefit melta hai kya
What is the procedure to give interest free loan to HUF or wife so that it does not obtain clubbing of taxes
Well explained sir my question is
Iwant to apply for huf Pan number is it necessary to add my married daughter or it is Optional
2 is it necessary to nottery the affidavit please advise
Thank you
In my opinion it's necessary to add your married daughter.
After death of karta kya huf ka karta change hota hai ya phir huf close hota hai
Kya HUF create karne se ceiling act 1960 se surplus land save kar sakte hai?
Pls consult with a lawyer for precise understanding and answer.
An karta and members contribute capital to HUF for example transferring 10 lakhs. I am asking this question is this is not a gift or loan or ancestral property?
It's by default assumed as gift or throwing individual asset into common hotch potch of HUF with the purpose of treating it HUF asset. It's not taxable in the hands of HUF.
Can we show dividend income credited in my bank account from shares on my dmat account?
Yes dividend should be shown as other source income.
Thank you very much for making good video on HUF topic. I have question, I am salaried person and If I open HUF account for me, my wife , my son and adding parents as only member, so Question no1: Can I park money from my salary income to HUF account, will it be taxfree capital/corpus for HUF?? Q2: Can I add my parents as member-only in HUF (not coparceners), Can they gift cash or money to my HUF account, will it have any kind of tax? Q3: can my brother and his wife gift cash or money to my HUF account, will it be taxable? Sir please give more clarity on them.
Deepak ji only you, your wife and kids are members of your HUF, your parents are not and can not be made members of your HUF yet you all are members of your father's HUF. So if your receive gift from parents or brother or brother's wife in your HUF for a year exceeding Rs. 50000 in total it will be taxable in the hands of your HUF. As such the transfer of your own funds to your HUF is concerned that will not be taxable for HUF but income earned from such funds will be taxable back in your hands i.e. by way of clubbing u/s 64(2) of the Income Tax Act 1961.
@@CAAnoopBhatia
Thank you very much for the quick response ..making things clear...I would like to contact you personally for further discussion. How can we connect? may by Facebook or any other mode?
you may call me at 9571055666 in evening around 6 pm.
Can Government employees can create HUF and show Business Incoome
Govt. employee may create a HUF but whether business under it may be a question to be answered with respect to the service rules.
I have 2 rental properties. 1 is registered in my name and the other is in my Wife's name. This is not ancestral property. Can I take rent in the HUF account
Taking rent in name of HUF may not be suggested.
Hi sir.. thank you for the wonderful video. Just wanted to ask that what is the limit to which I can pool the capital into HUF. For eg. If I've various investments of say ₹50 lacs on which I am earning some returns and on that also I've to pay tax (tax on returns). To avoid this tax I would encash all my investments, transfer the money to HUF ( say as interest free loan) and then invest in the same way earlier and start earning tax free returns (upto 2.5 lacs). Can I do this? If "yes", what would be the tax treatment on the money I receive back from HUF towards loan repayment.
Such practice would attract clubbing when you don't charge any interset.
Thank u
Welcome :)