Hindu Undivided Family

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What is HUF?

All you need to know

The term HUF stands for ‘Hindu Undivided Family’. An HUF is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters under Hindu Law. ‘Karta’ is the senior most male member of the HUF Family. Karta is a person who manages the affairs of his family. A typical HUF Family consists of a karta, his sons, grandsons, his great grandsons and their wives and unmarried daughters.

 

Am HUF is a separate legal entity for taxation purpose. This is in addition to an individual as a separate taxable entity. It means that person may be assessed in two different capacities i.e. as an individual and as a karta of his HUF.

 

Only one member or coparcener cannot form an HUF. The joint family continues in the hands of female members after the death of sole male member. HUF is defined under Hindu Law so it cannot be created by agreement between two parties.

HUF Fees

BASIC

3999 (All Inclusive)
  • Drafting of Deed
  • Franking & Notary of Declaration
  • PAN
  • GST registration

STANDARD

5799 (All Inclusive)
  • Drafting of Deed
  • Franking & Notary of Declaration
  • PAN
  • GST registration

PREMIUM

7299 (All Inclusive)
  • Drafting of Deed
  • Franking & Notary of Declaration
  • PAN
  • GST registration
  • 1st Income Tax Filing for non-audit assessee

Advantages of a HUF

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Separate Legal Entity

HUF is considered as separate legal entity in eyes of law. It is considered as separate from individual. It means that person may be assessed in two different capacities i.e. as an individual and as a karta of his HUF.

Equal Rights to all the members

All the assets of the HUF are the assets of all the members of HUF and not of any specific person. All the members of HUF get equal rights in HUF family including the unborn child in the womb of the mother.

Tax Benefits

By creating HUF, a new PAN card is issued to family.The major advantage of creating HUF is that the family income can be splitted and thereby resulting in tax savings and reduction in tax outgo.

List of Documents for HUF

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Documents of Shareholders/Directors
  • PAN card
  • Identity Proof (Copy of Voter ID / Driving License/ Passport)
Registered Address Related Documents
  • Address Proof (Bank Statement / Electricity, Mobile, Telephone Bill)

How to Incorporate HUF

HUF Process in 5 steps
  • 1. Fill the checklist
  • 2. Submit the documents
  • 3. Verification of the documents
  • 4. Drafting & Executing HUF Deed
  • 5. Obtain PAN & TAN

FAQs On HUF

Get answers to all your queries

On the birth itself, the child becomes the ember of HUF. So all the male members and unmarried daughters becomes member of HUF. Wife after marriage becomes member of HUF family.

‘Karta’ is the senior most male member of the HUF Family. Karta is a person who manages the affairs of his family.

 

Yes, HUF can be run by female members on death of sole male member of HUF family.

Yes, every member enjoys the equal rights in HUF.  All the assets of the HUF are the assets of all the members of HUF and not of any specific person.

No, a single person cannot form HUF. Atleast two members are required to form HUF.

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