Own a family business and want to pass on the legacy to next generation? HUF is for you. Form an HUF at INR 3999/- only.
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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 a group of people who do not constitute the family. Buddhists, Jains, and Sikhs can also form HUF.
EbizFiling.com is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. Incorporating a HUF is easy, seamless, cheapest and quickest with EbizFiling.com! Apart from a HUF, EbizFiling.com also helps entrepreneurs with Private Limited Company Registration, Public Limited Company Registration, LLP Registration, Partnership Firm, One Person Company and Proprietorship Firm Registration easily. You may get in touch with our compliance manager on 09643203209 or email info@ebizfiling.com for free consultation.
(All Inclusive)
(All Inclusive)
One of the major benefits of the Hindu Undivided Family is that it is considered a separate legal entity. This entitles HUF to obtain a separate PAN card and bank accounts in the name of the HUF.
monetary gift up to INR 50000 may be received in cash, cheque, draft, etc by an individual/ HUF is free from income tax. Also, a gift by Karta to his daughter on her marriage is expmted from taxation.
HUF is very easy to form. It comes into existence merely by a HUF Deed. It is a formal legal document on a stamp paper which clearly states the names of the ‘Karta’ and the co-parceners (other members)
By creating an HUF, you get an additional PAN Card which would be legally acceptable as well as to avail the tax benefits. As the new PAN CARD in the name of an HUF is created, the family can pay its tax individually.
Each member has an equal right to the property owned by an HUF. New members that get added to the family by way of birth or marriage also have an equal share in the property. An even unborn child in the womb of the mother will have equal rights.
Inheritance can be accepted in Hindu Undivided Family’s name. The legal heir would have a vested interest in the legacy after the death of the person who made the Will, his children are also considered legal heirs to the property so inherited.
5 Easy Steps
Complete a Simple Checklist
Drafting of HUF deed
Verification of Documents
Drafting & Executing HUF Deed
Obtain PAN & TAN
A Compliance Manager will get in touch with you to obtain your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for processing. All throughout the process, your dedicated Compliance Manager will keep you updated on the progress of your HUF Registration.
Upon receipt of your documents our team will verify the documents. After verifying the documents, our team will draft a comprehensive HUF deed for your Hindu Undivided Family. A HUF deed contains very important details of address, Karta, members etc. HUF deed will be sent to you for your verification. Once you verify, we will get the same executed.
Upon payment of stamp duty and notarizing the HUF deed, your Hindu Undivided Family is incorporated. Once this is done, we will proceed to apply PAN and TAN for your HUF. On receipt of PAN, you may proceed to open your HUF’s current bank account in which the HUF will receive its payments with a bank of your choice.
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, a wife becomes a member of her husband’s joint family.
No HUF arises only from status.
Yes. A family consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters.
It is the property, which a man inherits from any of his three immediate male ancestors, i.e., father, grandfather, and great-grandfather.
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.
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.
All members;
A son in the womb of his mother at the time of partition;
Mother;
Wife.
No. A single person cannot constitute HUF. There have to be minimum two members to constitute a HUF.
Ebizfiling.com provides HUF all across India. You can obtain HUF in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us.
Don’t worry!! Our expert will help you to choose a best suitable plan for you. Get in touch with our team to get all your queries resolved. Write us at info@ebizfiling.com or call us @+91 9643 203 209.
Own a family business and want to pass on the legacy to next generation? HUF is for you. Form an HUF at INR 3999/- only.
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