Hindu Undivided Family (HUF): Best option for Hindu Joint Family business. Start HUF business today & get...PAN, TAN, GST, MSME, IEC, Bank A/c Support & GST Software along with your Registration.

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Hindu Undivided Family (HUF)

What is Hindu Undivided Family (HUF):

Hindu Undivided Family (HUF) is treated as a ‘person’ under section 2(31) of the Income-tax Act, 1961. HUF is a separate entity for the purpose of assessment under the Act. Under Hindu Law, an HUF is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters. An HUF cannot be created under a contract, it is created automatically in a Hindu Family. Jain and Sikh families even though are not governed by the Hindu Law, but they are treated as HUF under the Act. A HUF is taxed separately from its members, the deductions under Chapter VI or exemptions are allowed separately.

Why should I get HUF Registration:

To save Income Tax as HUF is treated as separate person under Income Tax Act. For example, X is an salaried employee, having family house rental income and that family head, he can claim deductions as employee and also as an HUF.

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Get PAN, TAN, GST, MSME, IEC, Bank A/c Support & GST Software along with your Registration!