HUF Formation Services In Ahmedabad

Call Us Today +91 8000 57972

We at K M GATECHA & CO LLP 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 Ahmedabad​ to our clients with help of our expert and knowledgeable team.

HUF Formation Services In Ahmedabad

HUF Formation Services In Ahmedabad

In HUF formation services we at K M GATECHA & CO LLP 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 Ahmedabad?

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 basic requisites of 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 Ahmedabad: –

  • PAN card,
  • ID proof (driving license, passport, Aadhar card, or Voter ID),
  • Electricity bill or any other utility bill for address proof.

Process of HUF Formation Services In Ahmedabad: –

  • 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 Ahmedabad: –

  • Every member of the family can deposit their income in the common fund/corpus,
  • There is a single person’s authority while participation of whole family is present,
  • Gift collected up to the value of INR 50,000 is tax free,
  • 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.
  •  

    FAQS on HUF Formation Services In Ahmedabad

    Karta is the family’s oldest and senior most male member.

    Yes, the members and HUF can claim all deductions and exemptions separately as different entities.

    No, a HUF cannot be created by single person, it requires at least 2 members.

    • A HUF can run a business through its Karta, but under certain conditions such as personalized service (doctor, CA or advocate) the HUF cannot provide those personalized services. So, if income is earned from these services, it will not be considered as HUF income and will be taxed to individual.
    • A firm in name of HUF is allowed to provide these services in the case where the employees are individuals who provide these services. In this case the income of this firm will be considered as HUF income.
    • No, a sole proprietorship firm does not have a separate legal entity from its owner.
    • Even the PAN card of the owner will be the PAN card of proprietorship firm.

    The major difference between a proprietorship firm and One Person Company is that in case of a OPC the company has a different legal identity than the person and thus the legal liability of the owner in the company is limited to the company itself.

    Olivia
    Olivia
    May 12, 2022.
    Really best tax consultant in Ahmedabad. Very friendly and experienced staff ...
    Rosie
    Rosie
    May 12, 2022.
    I really liked this firm for tax filing. Highly recommended to everyone.
    Paramjeet Singh
    Paramjeet Singh
    May 12, 2022.
    Such an awesome experience with this accounting firm in Ahmedabad.
    Vivek Dahiya
    Vivek Dahiya
    May 12, 2022.
    We are availing CA service for many years for filing tax, internal audit, reports etc....
    Muskan Garg
    Muskan Garg
    May 12, 2022.
    Very professional, friendly and experienced Chartered Accountant.
    Muskan Sharma
    Muskan Sharma
    May 12, 2022.
    KM Gatecha & Co is really very one of the best accounting firm.
    Pragya Arora
    Pragya Arora
    May 12, 2022.
    It's very helpful to filing tax, GST, internal audit , statutory audit....
    Naira Mehta
    Naira Mehta
    May 12, 2022.
    Really best accounting firm for tax filing, internal audit, GST etc....
    Shivani Arora
    Shivani Arora
    May 12, 2022.
    I'm totally satisfied with their outstanding service.
    Dinesh Miglani
    Dinesh Miglani
    May 12, 2022.
    Very professional staff with extra knowledge and experienced...

    Our Other Services

    CA Firm in ahmedabad

    Being the best ca firm in Ahmedabad we provide CA services all over India. We have our associates spread over many cities.

    Tax Consultant

    We as the best tax consultant in Ahmedabad, india provide tax consultancy including direct and indirect tax consultancy.

    Audit Firm in ahmedabad

    We provide bank audits, stock audits, forensic audits, statutory audits, concurrent audits, tax audits, internal audits, information system audit services.

    Accounting firm in ahmedabad

    We provide bookkeeping, accounting, tally accounting, zero accounting, quick book accounting, Zoho accounting services.

    GST Consultant

    Our GST services include GST registration, GST payments, GST refunds services,e way bill consultant, GST return, GST classification, GST compliances, etc.

    Chartered Accountant In Ahmedabad

    We as the most-trusted chartered accountant in Ahmedabad provide all chartered accountant services under one roof.

    Tax Accountant

    We provide tax accounting services for effective tax planning and making tax provisions.


    Income Tax Services In Ahmedabad

    We provide income tax audits, income tax return filing, corporate income tax services, etc.