Everything by LLA is very good and detailed, thank you for providing all these for our jagruk jantha. I would like everyone to like the video also rather than just viewing the content so that they get more promotions
When I first applied for the PAN CARD using Physical form. I saw HUF in the form as an option. Till today, I had no idea regarding HUF can be created with an individual (Members) PAN card. Thanks, @LLA for the very detailed video on HUF.
I am single and the income tax department is such that they allowed me to frame HUF Pan Card then came bank which were more foolish to allow me to open account while being unmarried and til date I am saving tax.
Hello Rishabh 1. Can Karta of HUF gift his/her HUF say upto 250000 and file ITR(NIL) of HUF with income from other sources and invest the same in stock market to generate income for HUF? 2. Can a person gift his wife and she can further invest to generate income for her self? 3. Please make a video on filing ITR.
Sir , great knowledge provided by you. 1) I have one HUF comprising My mom , me and wife. Can I open new huf of me , my wife and 2 children. 2) What if I transfer my money to HUF for stock trading /IPO? It will taxable to whom me or HUF in case of sell of stock thr HUF demat?
Excellent video by Sri Rishabh Jain and Sri Anoop Bhatia. It is very structured and answers most the questions about HUF. Good collaboration. God bless you 🙏 Is a HUF required to file an ITR if it does not have taxable income. Company or Firm is required u/s 139
1) If coparcener is a partner in a partnership firm on behalf of HUF - Then income from partnership firm will be added to the income of Partner or HUF ?????? 2) If HUF can take loan from members and coparceners - Then it means that HUF can show this as capital as well and pay interest on this capital to the members of HUF. Can this be possible to raise capital in this manner in HUF ?? 3) If coparceners of HUF divide their property among all of them - Then the HUF can work in similar manner as before partition ?? 4) HUF cant be dissolved - Does this mean once we form HUF - we can never get rid of HUF concept - HUF will continue forever ????
Sir, without taking gift in HUF from members - if we take Loan in HUF for share trading. Will it be okay ? As Income will not be clubbed to members. (HUF will run on Loan Taken, and NiL Capital) Also, can Loan be taken on 0% interest terms ? Another thing is - Now profit earned from share trading will be wholly of HUF profit and taxable in hands of HUF. So, profit earned = Capital of HUF. Right ? One more question is - If you see now Settlement cycle of T+1. Hence, selling share BTST or further will be STCG fundamentally. So, filing BTST and such STCG in HUF will be okay ? Because if Income Tax consider it as business, then HUF might be liable for Tax Audit too as Turnover will be calculated as Total Selling Value of shares.
1. Sir Could I start SIP in stocks/mf from my current account of prop. Firm. 2. If yes, what would be taxation on my invested SIP annual amount. 3. If I gain LTCG then it would be taxed 10%. Or profit would be added in my net income and then taxed according to IT slab.
Need help to understand following - 1) If I transfer stocks from my demat to HUF then who has to pay CG tax - Me or HUF? 2) What about real estate...If we want to transfer our apartment in name of HUF, do I need to reregister and pay stamp duty? Rental income from such property will be income of me or HUF?
"Transferring Own property to Huf without adequate consideration will attract the provision of Clubbing and hence any rental income received by the HUF will be clubbed in the hands of Transferor. Mam correct me if I am wrong!!"
Question 1 kya minor bacche HUF me include kar sakte hai? Question 2 kya Male karta apni personal property HUF ko transfer karke , HUF ko usi property ka rent pay kare toh wo HUF ki income me count hoga kya?
Great Knowledgeable video. Specially understanding about HUF in simple manner by CA Anoop Bhatia Sir is very pleasant. Rishab Jain Sir you are doing tremendous work Just keep going. it will good to see again and again with Anoop Sir. I really like your videos.
Thank you Rishabh and Anoop ji for this enlightening video. May you get all the success to keep up the good work. I do have one query that I would appreciate an answer on, regarding the gift that can be given to HUF by an external member, is there a limit to the number of times the gift can be given, I.e. Can I take 5Lakhs twice in a year?
Thanks for sharing such valuable information sir....plz guide can a property be purchased directly in name of HUF.Directly means has no linkage to ancestoral assets.Eagerly waiting ur reply sir
Hello Risabha, I just wanted to know if I have any personal liabilities pending, and if something happens to me, will my term insurance cover those liabilities? I am planning to make my HUF the nominee. In that case, will my HUF be liable to pay off my personal liabilities?
Thanks a lot Rishab and Anoop ji for this exceptional vlog where I could clear all my doubts. Great job Labour Law Advisor for such educative videos on business and finance.
Hi Rishab Ji, can i transfer my stocks to HUF account, and if yes then the profits that i have will be clubed to my income or it will be treated as HUF income only, is there any holding period for that ?
Rishabh, I've questions regarding money added to HUF. 1) If money added by member like my wife to the HUF account then her deposited money to HUF account would be tax free for her? (For example if she earns 100000 per month and she gifts 20K to HUF aacount then she has to pay tax on only 80K or she has to still pay tax on 100K?) 2) limit of 50K gifts can be received in HUF but this is the limit of per annum or per month?
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
Thanks for this excellent explanation by you and Anoop sir. Also, please consider a situation where son gifts Rs. 5 lacs to father (no tax implication since relative). Now father gift these 5 lacs to son's HUF where father is not a member. This gift of 5 lacs would be taxed in the hands of HUF (no clubbing since gift not received from member) and lets say this is invested and interest of 40,000 earned. Now total income of HUF would be 5,40,000 (gift + interest). And tax thereupon can be brought to 0 after availing various deductions. Earlier son had invested this 5 lacs in his personal PAN and was paying 30% tax on this interest (40000*30%= 12,000) And now by transferring this to HUF, tax on this interest is Nil. So effectively 12000 saved here. Is this tax planning possible? Please correct me if I'm going wrong anywhere.
can more than two or more salaried person open HUF who have Demat accounts and rented houses on their name. Nice series very informative thanks Mr Anup ji and Mr Rishab ji
Affidevit is not really needed to apply for HUF PAN card..make sure when you apply foe the card online..add HUF after your name...refer to how to fill up a form online
I have a full time job along with it I also do freelancing in IT Services and get paid from US clients directly in my bank account. What is the best way to manage this fund instead of receiving the money in my personal account?
I have recently bought a apartment in my and wife's name. Apart from my job, I have alternate source of income from Share market.. STCG If I register a HUF and open demat using HUF thus making all income from share market in HUF.. Question 1. Can I make this alternate income's 80C declaration for my new apartments principal repayment. 2. If not then how can I do it.
As far as I know you cannot do that. It's like claiming 80C deduction for a house that your brother brought which had nothing to do with you as you both are separate tax individuals. Unless the home loan is taken on the name of HUF (with you signed as a co-applicant), you can't claim 80C deduction on principal amount while filing the income tax of the HUF.
Rishab sir, If an individual has income from Salary and other sources (FR, RD & Saving Bank Itt.), can he open HUF. 16 Lakhs salary and 2 Lakhs Interestr Income. Please advice.
Wow sir, apke vdo se hum jaise school students aage jake bhout kuch kar payenge , hope kisi app aage bhi aise simple aur assan vdo banayenge, hope ki sir aap CA anup sir and CA rachnana ranade ka collaboration kar k kuch banaye maza ayega 😁😁
Let's say if i break all my family's FD where that income from FD's interest was increasing their taxes and put it in my HUF account will that be counted as HUF income from the following year?
HII video is very imformative.. just one question when person transfer propeerty of money to HUF is need to pay gift tax or any stamp duty or any other tax
Ek baat ye batayen ki, HUF agr mere papa ka hai, aur mai ek govt employee hun. To qa huf ke demat account se intrday ya short term trading ki ha sakti hain?
Sir, if a couple who does not have children forms an HUF and later one of the spouses dies, does the HUF still survive with the living spouse as its sole member?
My Dad is a sub broker ... So can he use HUF account to get the brokerage from his broker... This can be a commission based income & as suggested in the video one should avoid commission based income in HUF... Please share your expertise
If I form a HUF, can I transfer my salary to fund the HUF and trade in stock market, will I have to pay tax on the stock market returns as individual? Or only huf will be taxed since it's a capital infused by one of the HUF members?
@@Noone-hh5cq So if a am karta of the HUF account and I have deposited some x amount in the HUF account then will it be taxed as income (if it falls in slab) for HUF and will any interest earned on that money be taxed only for HUF or for HUF and Karta
Please create video for taking investment or loan from family friends or loan with zero interest. Possible to take investment in personal account or any related video
Great learning experience from this video. Can you explain if Bengali Hindus Can open / form an HUF as there are some confusion about Hindu traditions (mitakhshara Vs. dayabhaga) and some CA's / lawyers have vivid opinions about it from various point of view. Please confirm from Income Tax Act. point of view. Is there any (discriminatory) objection by the Income Tax dept. if it is open by a Bengali Hindu? Anywhere is it mentioned (HUF / Successssion Act.) that Bengali Hindu's Cannot open HUF ? or Bengali Brahmins are mostly inherited from UP (kanauj) in 17 th century and how to decide who is Dayabhaga or Who is Mitashkara ?
Is there an upper limit for transferring amount to HUF by the Karta and her wife during the first year of HUF account opening, other than teh gift amount received from family members???
Very Informative; I have always been strongly in favour of creating HUF for tax management.Is agriculture income exempt from taxation under HUF? Congratulations & BIG THANK YOU for such a wonderful episode on a topic which is discussed so less.
Sir, I have formed HUF with my husband and children's. I am senior in age as compared to my husband. I preferred to be karta as management of huf is to be done by me. My husband is not interested also has other commitments. Considering year 2005 amendment to Hindu law and other ruling, I became karta. Is this correct stand or need to rectify.
Sir, please help and guide, I m full time trader and making 20-25L in profits year on year with annual turn over reaching 1.5-2Cr. 1.Can I open partnership or LLP ? 2. Am I eligible for 44AD, showing only 6-8% of total revenue?
My daughter is already married and we have now started earning income from multiple sources. So, we were thinking of creating an HUF. Can we exclude my daughter from the HUF? As almost all the capital will be infused by my son one way or another?
Question : in case of HUF, if person X is a karta of HUF , A is a 1st wife of karta (She is no more ) & B is a 2nd wife of karta so in such scenario if property owned by Deceased Wife (A) awarded to Karta(X) by court order and pension of Deceased wife (A) can be allowed to be a part of HUF income ?
Suppose we (me and my wife) have purchased flat and both are working and earning, can we create HUF and take rent from that HUF pan?? If yes any docs required to do that??
