Formation of huf being a govt employee in west bengal


Sir, 

With due respect I would request you to clear my doubt for the following points:

1. Being a state government employee of West Bengal can I be a Karta of a HUF whereas others may be my wife and Son. 

2. If there is no legal problem in forming HUF, Can the HUF be registered as ARN( for Mutual Fund distribution). Wheather the earning from the Mutual fund (in the account of HUF) may create any legal problem in my service life  ? 

KINDLY GIVE ME PROPER IDEA AND OBLIGE. 

REGARDS
 
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Advocate

HUF is separate status and mutual fund savings is your personal investment So no hurdle on it


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Practicing Lawyer 9918411669

It may be advised here to constitute a Partnership firm or LLP or PLC in the name of your wife & children. Keep yourself away from the firm. 


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ha21@rediffmail.com Mumbai : 9820174108

AGREE with above Experts Opinions.

Keep Smiling .... Hemant Agarwal 
VISIT:  www.chshelpforum.com

 
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Advocate

You cannot paly the role of both Karta and State Government Employee at a time. Its better to do business in the name of any of your family member!

 
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Advocate

As eldest male member of your family you will be regarded as karta of your family consisting of yourself,  wife and son. This is a status conferred on you automatically under your personal Law (Hindu Law). It does not conflict with your being an employee of West Bengal Gov. 

As regards Contributions to Mutual Funds in the name of HUF, it depends on the rules of the MF for the relevant scheme. If under the rules contributions in the name of HUF are permitted, you may contribute and the dividends and capital gains, if any, arising out of such investments will not be regarded as your personal income for tax purposes. 


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Advocate

Originally posted by : Pradipta Nath
You cannot paly the role of both Karta and State Government Employee at a time. Its better to do business in the name of any of your family member!

HUF is represented by the Karta. For engaging in the business of Mutual Fund distributorship, kyc has to be in the name of HUF and Karta as well. Now how come a Karta of HUF engaged as a mutual fund distributor (ARN) and doing Government job at the same time! Therefore it was suggested to do business in the name of other family members by constituting OPC or proprietorship or any other.


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Originally posted by : Pradipta Nath

Regards

Originally posted by : Pradipta Nath



You cannot paly the role of both Karta and State Government Employee at a time. Its better to do business in the name of any of your family member!





HUF is represented by the Karta. For engaging in the business of Mutual Fund distributorship, kyc has to be in the name of HUF and Karta as well. Now how come a Karta of HUF engaged as a mutual fund distributor (ARN) and doing Government job at the same time! Therefore it was suggested to do business in the name of other family members by constituting OPC or proprietorship or any other.

 

 
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