HINDU UNDIVIDED FAMILY FORMATION (HUF)

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ABOUT HINDU UNDIVIDED FAMILY FORMATION (HUF)

The term HUF means "indivisible family in Hinduism" and includes all descendants of a common male ancestry, including wives and unmarried daughters. The HUF term  is not defined in the Income Tax Act. According to Hindu law, it is defined  as a family. The family continues to exist  after the death of a common ancestor, with the next eldest male member becoming the head of the family or "lead". Financially, we can call him a “family steward.” Even after all the male members have died, HUF continues to exist.The term HUF in Hinduism is defined by Hindu law. Therefore, it cannot be created by  agreement between two parties or a group of people who do not constitute a family. Buddhists, Jains, and Sikhs can also form a HUF. By creating HUF, you can save taxes by creating a family unit and pooling in assets, since HUF is taxed separately. Income of a HUF is assessed in the hands of the HUF alone and not in the hands of any of its coparceners or members

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Frequently Asked Questions

  • Who is the Karta of an HUF?

    The head of the HUF is called the Karta. He is the senior-most male member of the family

  • Can a Woman be HUF Karta?

  • Who are HUF Coparceners ?

  • Are there any minimum numbers of coparceners required for an entity to be taxed as HUF ?

  • Should a HUF always be a resident of India ?

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