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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Register your HUF with us for less! Start here & Save! Contact Now!
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.
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.
Get PAN, TAN, GST, MSME, IEC, Bank A/c Support & GST Software along with your Registration!