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 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 HUF is not defined in income tax law; it is defined under 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.
Carefortax.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 Public Limited Company is easy, seamless, cheapest, and quickest with Carefortax.com! Apart from a Public Limited Company, Carefortax.com also helps entrepreneurs with Private Limited Company Registration, Nidhi Company Registration, Partnership Registration, HUF, LLP Incorporation, and One Person Company registration easily. You may get in touch with the Carefortax compliance manager on 909-993-3788 or email info@carefortax.com for a free consultation.
Get an Enquiry