Anjali (Accounts) 27 December 2016
We are three cousins who plan to start some business venture, I would like to know whether regestering a patnership deed or a H.U.F company better?
I have been told H.U.F has certain tax benefits also what I have read is a woman cannot be a co parcener in HUF , Can anyone please help me to clear my confusion
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 27 December 2016
Hindu Undivided Family. By creating a family unit and pooling in assets to form an HUF you can save taxes. HUF is taxed separately from its members. A Hindu family can come together and form an HUF. Buddhists, Jains and Sikhs can also form HUF. HUF has its own PAN and files tax returns independent of its members.
certain exemptions are available under I.T. act
Law Aspire (Legal) 29 December 2016
Hindu Law amended in 2005 gives equal right to women in the property of HUF.
After this amendement Women is a Co parcener in HUF.
Creation of HUF will not be available for cousins
ONE person will be required to be designated as Karta
Gagandeep Goel (Advocate) 29 December 2016
In case of a comparison between the HUF, partnership and the company there can be no straight answer for the same.
It entirely depends upon the needs of the organization. If everything has to be done fair and square then you can for any type of organization. But if expenses are to be enhanced and personal benefits are to maximised then the company form of organisation will suit you the best.
Regards
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