HUF Formation Services In Siliguri Call Us Today +91 8000 57972 We at BSA & Company provide all types of services to our clients to fulfill their investment, tax planning, investment, and registration needs. In these services we also provide HUF Formation Services In Siliguri to our clients with help of our expert and knowledgeable team. HUF Formation Services In Siliguri HUF Formation Services In Siliguri In HUF formation services we at BSA & Company provide the following services: – Collection of documents, Drafting various documents, Framing and drafting the Deed, Creation of HUF. In summary we provide the complete service for formation of HUF.
First, we need to know all about HUF including eligibility, documents required, process, advantages, and disadvantages of HUF. What is a HUF Formation Services In Siliguri? HUF or Hindu United Family is defined as a family consisting of all people who have descended from a common ancestor. This includes their wives and unmarried daughters as well.
All adults related by blood or adoption are called ‘Co-parceners’ and all members related by marriage are called ‘Members’. The head of the family is called Karta (generally the eldest co-parcener). The basicrequisitesof forming an HUF are: – There should be a family (a group of persons), The family should be comprised of Hindus, Jains, Sikhs, or Buddhists. HUF cannot be formed in Muslim or Christian families.
They should be living together and having common factors amongst them (undivided). Documents/requirement for formation of HUF Formation Services In Siliguri: – PAN card, proof (driving license, passport, Aadhar card, or Voter ), Electricity bill or any other utility bill for address proof. Process of HUF Formation Services In Siliguri: – Formation of Corpus (formed by capital asset of family), Making a deed, Opening bank, A/C, Registration of HUF, Application and issuance of PAN card for HUF. Advantages of HUF Formation Services In Siliguri: – Every member of the family can deposit their income in the common fund/corpus, There is a single person’ authority while participation of whole family is present, Gift collected up to the value of INR 50,000 istaxfree, A father who owns a HUF account can gift a property or money of higher worth to his son who has a smaller HUF account (in this case it should be mentioned that the gift is for HUF account not for the individual, then the tax benefits can be availed under section 64(2) and 56 (2)), Corpus can be used for investments in tax free avenues, HUF can avail of all the tax exemptions and deductions that any other entity enjoys.
These deductions and exemptions are independent from that of the members, There are various tax saving avenues that can be availed by forming a HUF (one method is by rent on property which is transferred to HUF rather than an individual). Disadvantages of HUF: – When a property is assigned to an HUF, all the co-parceners have equal right to it. It cannot be transferred or sold without consent of all the member or co-parceners, Partition of real estate belonging to HUF leads to disputes and court cases in many of the instances, HUF cannot be divided into parts it can only be dissolved with agreement of all members, Even after formation of HUF many of the functions such as Gifting, partition, reunion, and appointment of Karta require deeds.