Wish to register a Hindu Undivided Family (HUF) Company? This article will help you with all the necessary information to set up a HUF. In this article information such as list of documents required for HUF, HUF registration, and other information on HUF registration process.
HUF comprises of all descendants of a common male ancestor and includes their wives and unmarried daughters. The term of HUF is not defined in the 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 upon 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 a group of people who do not constitute the family. Buddhists, Jains, and Sikhs can also form HUF.
The acronym HUF stands for Hindu Undivided Family. By forming a family unit and pooling assets to form a HUF, you can save money on taxes. The HUF is taxed independently of its members. A HUF is formed when a Hindu family joins forces. HUFs can be formed by Jains, Buddhists, and Sikhs. HUFs needs to file separate income tax returns, and owns separate PAN (Permanent Account Number) from their members.
Read more: How to save tax by forming HUF
HUF can be registered in a 3 easy steps, below are the steps required for registration of an Hindu Undivided Family (HUF):
The Karta is the family’s oldest and most senior male member. He is the HUF’s leader.
Yes. The member and the HUF, on the other hand, cannot claim a deduction for the same investment or expense.
Yes. HUF can continue with female members as long as the property that belonged to the joint Hindu family stays in the hands of the widows of the family members and is not divided.
No. HUF cannot be created by a single person. A HUF must have at least two members.
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Hi Sumer,
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I want to register for huf but i dont have marriage certificate.
I tried to register earlier but they rejected application asking for proof of marriage date on any government document
Hi , Ganesh
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The team will get in touch with you soon. Meanwhile, you can get in touch with Ebizfiling on +919643203209 / info@ebizfiling.com