dear members,
i am shashi. this is my 1st message. here is some stuff on HUF from Business line-
The question of creating a HUF in the strict sense of the term does not arise. What is normally created is a nucleus to a HUF. It is a presumed state.
Your family constitutes a HUF. The initial nucleus to the HUF may be brought in as a gift from an outsider to it.
It may be possible for a coparcener to impress his individual property with that of the HUF after the initial nucleus is available with the HUF.
You may note that impressing of individual property with that of the HUF by a coparcener will attract the provisions relating to clubbing under Section 64(2) of the Act.
The initial nucleus or corpus of the HUF can come out of partition of a larger HUF or by way of will, where the intention is clear that the property should be received by the HUF.
regards.