Here is all you need to know about the service you are
The term HUF stands for ‘Hindu Undivided Family’ and comprises of all descendants of a common male ancestor and includes their wives and unmarried daughters. The term of HUF is not defined in income tax law; it is defined under the Hindu Law as a family. The family continues to exist even after the death of the common ancestor and the next eldest male member becomes the head of the family or the “Karta”. In financial terms, we can call him ‘manager of the family’. Even on the death of all the male members, the HUF continues to exist. The term ‘Hindu Undivided Family’ (HUF) is defined under Hindu Law, so it can’t be created by an agreement between two parties, nor can it be formed by group of people who do not constitute the family. Buddhists, Jains and Sikhs can also form HUF. We at ebizfiling, will make the process of creation of Hindu Undivided Family(HUF) very smooth and easy.
Few points to make your
Common Income Account
Elder member called Karta and he acts as manager
Single person’s authority while participation from entire family.
Tax Free Gift Collection
Gifts upto INR 50000 free from tax
Gift by karta to his daughter on her marriage is tax exempt
Formation by deed
Formation by declaration
Can open separate bank account.
Can get separate PAN card
Membership by birth and equal rights
Unborn child in womb of mother to have equal rights
Inheritance be accepted in HUF’s name
Membership by birth
A small procedure for your
Get answers to all your
How a HUF can be created? Who can be members of a HUF?
Birth of a son in a Hindu joint family automatically makes him a member of the HUF. In view of this, all male members and unmarried daughters automatically become members of the HUF. In addition to that, if a child is adopted, then he also becomes a member of the HUF. Moreover, upon marriage, wife becomes a member of her husband’s joint family.
Does HUF arise from a contract?
No HUF arises only from status.
Does HUF include the wives and daughters of the above said persons?
Yes. A family consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters.
What is ancestral property?
It is the property, which a man inherits from any of his three immediate male ancestors, i.e., father, grandfather and great grandfather.
Can there be HUF with only female members?
Yes. As so long as the property which was originally of the joint Hindu family remains in the hands of the widows of the member of the family and is not divided, HUF can continue with female members.
Can Karta gift HUF property?
Gift by Karta of HUF, a movable property or an immovable property within reasonable limits in favor of his daughter is permissible on the occasion of her marriage.
Who can claim share in partition?
A son in the womb of his mother at the time of partition;
Whether a single person can constitute HUF?
No. A single person cannot constitute HUF. There has to be minimum two members to constitute a HUF.
Still have confusion?
Don’t worry!! Our expert will help you to choose best suitable plan for you. Get in touch with our team to get all your queries resolved. Write us on email@example.com or call us @+91 9643 203 209.