Hindu Undivided Family
Hindu Undivided Family INR - 3,000.00
HUF is a family consisting of Father, Mother, childrens(and their spouses if any). Property, assets are owned through lineal descendants or ancestors. A corpus of funds is created in the name of the HUF, head of which, known as Karta is generally the eldest male member of the family. Every member of the family can pool their income in the corpus and various tax benefits are availed.
Since the account is equivalent to an individual's account there are various tax benefits and a few of them are mentioned below.
According to IT act, tax rebates and deductions can be availed under sections 80C, 80D, 80G, 80L & 88 for HUF account.
Gifts collected up to a worth of Rs 50,000 will be tax free. A father who owns a HUF account can gift a property or money of higher worth to a son who owns a smaller HUF account; but he should specify that the gift is for the son’s HUF and not to him as an individual. Under section 64(2) and 56(2) tax benefits can be enjoyed in such instance.
Process 1: Form a Corpus of Funds-This can be ancestral property, assets gifted by relatives or received by the HUF through will.
Process 2: Create a HUF creation deed on a stamp paper declaring the formation of the HUF.
Process 3: Apply for PAN Card of the HUF.
HUhhh!!! A FEW SIMPLE STEPS AND YOU GET YOUR HUF REGISTERED.
Self Attested copy of the following documents needs to be sent to TaxSigma office during project assignment.
1. Proof of Address of the Karta and the members: Copy of Passport/ driving license/telephone bill/electricity bill/voter's ID card/Aadhar Card/Bank Statement attested by the Bank Manager.
2. Identity proof of the Karta & members: Copy of PAN / Passport / Voter ID Card.
3. Personal account Number(PAN) of the Karta(Must).
4. Passport sized photograph of Karta and members.
5. Email ID of the Karta.
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