HINDU UNDIVIDED FAMILY (HUF)
HUF helps in saving of tax by creating a family unit and pooling the family assets and income in the HUF. Regardless its technical name ‘Hindu Undivided Family’; Jains, Buddhists, and Sikhs can also form a HUF. HUF has its own PAN and it would be taxed separately from its members. HUF is operated by its Karta.
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Advantages of HUF
- Any business or income earning activity can be done on HUF name
- HUF has it’s own PAN card and its Income Tax Return has been filed separately from its Karta
- HUF has been treated as an Individual from Income Tax purposes
- The head/karta has all rights to sign the documents pertaining to HUF
- A woman can be co-partner in HUF
- An adopted child can become a member in HUF
- Members of HUF can easily obtained finances
Documents required for Registration
- PAN Card
- ID Proof (Aadhar/Passport/Voter ID/Driving License)
- Address Proof (Electricity bill/Any other bill)
- Latest passport size photograph of Karta
- Present Mobile number and e-mail ID
Disclaimer:
Additional details or information or documents other than mentioned in above list; may be called if required.