Showing posts with label HUF. Show all posts
Showing posts with label HUF. Show all posts

Tuesday, January 18, 2011

Complete information on Hindu Undivided Family (HUF): An ultimate tax saver

HUF or Hindu Undivided Family is defined under the Hindu Law as a family that consists of all persons lineally descended from a common ancestor, including wives and unmarried daughters. All male adults in the family are called Co-Parceners, and all female members of the family are called Members, and the head of the family Karta (Generally the eldest male).

Who Can Create HUF

Any hindu individual male can create HUF as soon as he gets married to a hindu female. Its not necessary to have children to create HUF. Persons from other religion are not eligible to create HUF except Jain and Sikh who can create HUF even though they are not governed by hindu law.

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