The term “Hindu Undivided Family” (HUF) is defined in Hindu law. It cannot therefore be created by an agreement between two parties, nor can it be formed by a group of people who do not form the family. Buddhists, Jains and Sikhs can also form HUF. (Note:- A to E indicate the members of the Hindu Undivided Family and the agreement is reached with the agreement of all members, hence the signing of all necessary) Can any adult male Hindu create HUF? Will a Bengali Bramhin Adult Male be able to create HUF? Please let us know. TAX SLAB RATE SHOWS 250000 TO 50000-5%IS Rs. 25000/- The amount of tax on the plate above is 12500/- please change the amount above. Witness………………………… A…………………………………………… A HUF states in accordance with the requirements listed below: I am the Karta of my HUF fathers. Now, if I want to launch my own HUF, it is possible that one person is Karta for two HUF accounts. I get different opinions from different accountants. Thks Why not post your question to experts? Where our expert answers the questions put to them, I am married to two sons.
if I want to have HUF status. I have to sign up for any regulation or there are formats, as I open a bank account and I register as an asse after the IT act as HUf 13. A HUF is recognized by law as a separate evaluable company. His income can be assessed if the following two conditions are met: I have a few questions about my income tax return file. Hindu Undivided Family (huf) is treated as a “person” under Section 2(31) of the Income-tax Act, 1961 (`law`). Huf is a separate entity for assessment purposes under the Act. According to Hindu law, a HUF is a family made up of all persons who descend from a common ancestor and who include their unmarried wives and daughters. A HUF cannot be created as part of a contract, it is created automatically in a Hindu family.
The families of Jain and Sikh, although they are not governed by Hindu law, but they are treated as a HUF under the law. . 7. The existence of multiple assets or members is not a prerequisite for the development of HUF. A family that does not have property may still have the character of a common Hindu family. This community is understood by faith and food. Because as a Hindu, he is born a member of the common family. I want a loan on my bank hoof, I can have it without security for my daily business. You gave credit to your huf account. Other HUF diposited it into FD or bank account.
It is clear that you transfer your money/heritage to HUF without any help or consideration, so that it is your own fund. Section 64 (2) then applies to you. and you`ll be included in the interests. You pay tax on interest yourself if your net income is more than limited. You asked whether HUF did not have taxable income when it is necessary to file a tax return. Section 139 (1) provides that each undivided HUF has a net income above the exemption limit for the income tax return. in your case, HUF has no income more than the exemption limit, so you cannot submit the return. I appreciate your motive and I understand your difficulty sir! I just wanted to know the timetable to wait for the answer.