Creation of HUF

[raj malik]

I wanted to open HUF in name of my father & my mother as second member. Is there any need of any gift or will or ancestral property or i can directly introduce cash as innitial capital for starting the business in name of HUF.

AI Summary

Inquiry on Creating HUF for Tax Benefits with Business Income; No Gifts, Wills, or Ancestral Property Involved. An individual inquired about establishing a Hindu Undivided Family (HUF) with his father as the head and his mother as a member, questioning if initial capital could be introduced directly without involving gifts, wills, or ancestral property. A respondent mentioned the potential abolition of HUFs if proposals from a law commission's consultation paper on family law reforms are accepted, though no legislation has been enacted yet. The individual clarified the intent to create the HUF solely for tax benefits, involving only business income and no immovable property.