Formation of huf being a govt employee in west bengal

HUF is separate status and mutual fund savings is your personal investment So no hurdle on it

It may be advised here to constitute a Partnership firm or LLP or PLC in the name of your wife & children. Keep yourself away from the firm. 

AGREE with above Experts Opinions.

Keep Smiling .... Hemant Agarwal 
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You cannot paly the role of both Karta and State Government Employee at a time. Its better to do business in the name of any of your family member!

As eldest male member of your family you will be regarded as karta of your family consisting of yourself,  wife and son. This is a status conferred on you automatically under your personal Law (Hindu Law). It does not conflict with your being an employee of West Bengal Gov. 

As regards Contributions to Mutual Funds in the name of HUF, it depends on the rules of the MF for the relevant scheme. If under the rules contributions in the name of HUF are permitted, you may contribute and the dividends and capital gains, if any, arising out of such investments will not be regarded as your personal income for tax purposes. 

Originally posted by : Pradipta Nath
	You cannot paly the role of both Karta and State Government Employee at a time. Its better to do business in the name of any of your family member!

HUF is represented by the Karta. For engaging in the business of Mutual Fund distributorship, kyc has to be in the name of HUF and Karta as well. Now how come a Karta of HUF engaged as a mutual fund distributor (ARN) and doing Government job at the same time! Therefore it was suggested to do business in the name of other family members by constituting OPC or proprietorship or any other.