A.kumar (Owner) 08 November 2014

New huf formation

Iam Kumar , a Hindu based religion from chennai

Please help me out with respect to formation of New HUF Status for Me. What is the act of hindu law suggest for formation of Hindu Undivided family.

My family consists of 3 people .( Myself, Spouse and Daughter )only. Can I form a HUF, with this.

And Also suggest me for the selection of Name for my HUF

1. A Kumar & Sons (HUF)

2. A Kumar (HUF)

3.A. Kumar & Brothers

4. ANY OTHER SUGGESTION ??

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3 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 09 November 2014

The joint family status being the result of birth, possession of joint cord like ration card, voters card etc. that knits the members of the family together is not property but the relationship

A.kumar (Owner) 11 November 2014

What about Selection of name.

Can i Choose this name- "A Kumar & Sons (HUF)". Inspite of having only daughter and not son.

Thanks

RAMAN GOPAL (Tax Consultant) 14 November 2014

A HUF is a separate entity for taxation under the provisions of S.2 (31) of the Income Tax Act, 1961. This is in addition to an individual as a separate taxable entity. This indicates that a person may be assessed in two different capacities- as an individual and as a Karta of his HUF.

An HUF need not consist of two male members. One male member is enough. For example, a father and his unmarried daughters may form and HUF