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Hindu Undivided Family

Own a family business and want to pass on the legacy to next generation? HUF is for you. Form an HUF at INR 3,999/- only.

 
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What is an HUF?

All you need to know

What is HUF?

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 of HUF is not defined in income tax law; it is defined under the 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.

Conditions to be fulfilled to create an HUF:

  • HUF should only be formed by a family.
  • HUF is automatically created for newly added member of the family at the time of their marriage.
  • HUF in general consists of a common anscentor and all of his descentors including their dughters and wives,
  • Buddhists, Jains, Hindus and sikhs are able to form HUF.
  • HUF often has assets which come as will, gift or ancentral property,
  • Once the HUF is created, the bank account should be created in the name of the HUF. A PAN number will be generated in the name of HUF.

Why to choose thinkbiz filings as your service provider for your HUF formation?

Thinkbiz filings 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 HUF is easy, seamless, cheapest and quickest with Thinkbiz filings ! Apart from a HUF, Thinkbiz filings also helps entrepreneurs with Private Limited Company Registration, Public Limited Company Registration, LLP Registration, Partnership Firm, One Person Company and Proprietorship Firm Registration easily. You may get in touch with our compliance manager on 09704561215 or email info@thinkbizfilings.com for free consultation.

Simple Prices | No Surprises

Choose Your Package
Our Pricing
3,999/-
(all inclusive)

BASIC

  • Drafting of deed
  • PAN
Our Pricing
5,999/-
(all inclusive)

OPTIMAL

  • Drafting of deed
  • GST Registration
  • PAN
Our Pricing
7,499/-
(all inclusive)

ULTIMATE

  • Drafting of deed
  • GST Registration
  • PAN
  • 1st Income Tax filing for non audit assessee

Why you should form an HUF?

All you should know about compliance of Proprietorship firm

Separate Legal Entity

One of the major benefits of the Hindu Undivided Family is that it is considered a separate legal entity. This entitles HUF to obtain a separate PAN card and bank accounts in the name of the HUF.

Tax-Free Gift

monetary gift up to INR 50000 may be received in cash, cheque, draft, etc by an individual/ HUF is free from income tax. Also, a gift by Karta to his daughter on her marriage is expmted from taxation.

HUF Deed

HUF is very easy to form. It comes into existence merely by a HUF Deed. It is a formal legal document on a stamp paper which clearly states the names of the ‘Karta’ and the co-parceners (other members).

Tax Savings

By creating an HUF, you get an additional PAN Card which would be legally acceptable as well as to avail the tax benefits. As the new PAN CARD in the name of an HUF is created, the family can pay its tax individually.

Equal Rights

Each member has an equal right to the property owned by an HUF. New members that get added to the family by way of birth or marriage also have an equal share in the property. An even unborn child in the womb of the mother will have equal rights.

Inheritance

Inheritance can be accepted in Hindu Undivided Family’s name. The legal heir would have a vested interest in the legacy after the death of the person who made the Will, his children are also considered legal heirs to the property so inherited.

Documents Required for Hindu Undivided Family (HUF)

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