HUF Formation

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HUF Registration Starting at Just Rs.2,499/- (Inclusive of all Govt. Fees).

About HUF Formation

HUF stands for Hindu Undivided Family wherein the Income that is being earned belongs to the whole family and not to any specific individual. As the Income is being generated in the hands of the whole family, this income cannot be taxed in the hands of the family but is taxed in the hands of the HUF. And, therefore HUF is considered as a separate entity for the purpose of Income Tax Act and the HUF has a separate PAN Card and a separate income tax return is filed for the same.

A HUF automatically comes into existence when a person gets married and starts his family. It is not necessary that this new family should also have kids. When a person gets married, he is eligible to form a HUF. Although a HUF is automatically formed at the time of marriage, it is always advisable to have a written agreement as the Banks and Income Tax Dept ask for the HUF Deed. It is not necessary that HUF is created on the day of marriage itself and can be created at any point of time in future.

HUF Formation PROCESS

HUF Deed Drafting

The 1st Step in creating a HUF is to create the HUF Deed. The HUF Deed is a written formal document on a Stamp Paper stating the names of the Karta and the Co-parceners (Members) of the HUF. The eldest male member of the HUF becomes the Karta of the HUF.

Obtain HUF PAN Card

As HUF is treated as a separate entity it is required to apply for a separate PAN Card.Once the PAN Card has been allotted, the HUF would be required to file separate Income Tax Returns and can therefore claim benefit of various income tax slab .

Open HUF Bank Account

A HUF is also required to open a Bank Account in which it will receive all payments. A HUF Account can be opened in any bank account.

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HUF Accounts – Features

As per the laws, HUFs can have an account in their name, which is simply a corpus created to run the expenses of the family. The corpus in the account comes from unequal contributions from the family members, as set by the Karta of the family.

The Karta or the Head of the Family runs the account and his signature would be required for any transaction happening on the account. The accounts are opened under the name of HUF; however, they are similar in nature to that of a saving bank account. Having an HUF account brings several tax benefits for the account holders.

Benefits of HUF

One of the main advantages of an HUF is that the family gets the benefit of having an extra PAN number and thus can avail extra tax benefits. This is why most of the chartered accountants advise their clients to open an HUF account.
HUF accounts enjoy tax rebates under sections 80C, 80L and 88 of Income Tax
HUF account is also beneficial in terms of saving taxes on gifts.
The corpus that is generated in HUF account can further be used for investing in tax saving instruments.

Disadvantages of HUF

If the insecurities arising in the minds of families members results to corpus account being empty, the account may become inactive
If at any point in time, any of the members wants to part ways from HUF account, the process involved in separation and distribution of corpus is quite tedious and problematic.
If an HUF adopts a child in the family, he/she can be a member or contributor of the account, however, he/she can’t ask for partition of the HUF account
The assets of an HUF are a collective asset and none of the family members can claim it to be his/her own asset.

Basic ₹ 2,499 /- (Inclusive of all Govt. Fees).
HUF DEED
PAN


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