HUF FIRM
A HUF Firm is a Hindu Undivided Family that is recognized as a legal entity in India. It is a joint family that consists of a common ancestor and all his lineal descendants, including their wives and unmarried daughters.
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What is a HUF Firm?
A HUF Firm is a Hindu Undivided Family that is recognized as a legal entity in India. It is a joint family that consists of a common ancestor and all his lineal descendants, including their wives and unmarried daughters. A HUF Firm can have its own PAN and file tax returns independently of its members. A HUF Firm can also save taxes by pooling in assets and income from ancestral property or business. The head of the HUF Firm is called the Karta, who manages the affairs of the family. The members of the HUF Firm are called coparceners, who have a share in the property and income of the family.
Document Required For HUF
PAN Card
Your Permanent Account Number (PAN) card is a unique identification number that you’ll need for tax purposes. It’s a crucial document for filing your income tax return.
Aadhar Card
In many countries, including India, linking your Aadhar Card with your PAN card is mandatory for filing income tax returns.
Bank Statements
You may need bank statements for all your savings and current accounts to reconcile your income and expenses. These statements can also serve as proof of income and expenses.
Previous Year's Tax Return
Having a copy of your previous year’s tax return can be helpful, especially for reference and to report any carry-forward losses or tax credits.
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Frequently Asked Questions
If you are still thinking about opting for GSTBOY.COM for your loved ones, you can always check out the common queries about our service and support.
The head of the HUF is called the Karta. He is the senior-most male member of the family
Yes! Until January 2016, a woman could not be the HUF Karta. But in a landmark case, the Delhi High Court ruled in favour of a female being the Karta of an HUF. However, the same has not been incorporated in the Income Tax Act as yet
All the members of the Karta’s family can be members of the HUF. The male members are called coparceners, while the females are referred to as just members. The difference between the two is that any of the coparceners can demand partition of the HUF.
An HUF can be formed with just two members one of whom is a coparcener. But for an entity to be taxed as an HUF, it should have at least two coparceners. For instance, if HUF consists of only husband and wife, then there is only one coparcener. So it will not be taxed in the hands of HUF except in the case where the funds are received on the partition of larger HUF. It will be taxed in the hands of a sole coparcener
Our services in Direct tax are as under:
- PAN/TAN Registration.
- Income tax return filling.
- Income tax computation/payments/refunds.
- Representation before the Income tax authorities for completion of assessment, reassessment, etc.
- Tax Audits
- Consultancy on various Income tax issues.
- Effective tax management, tax structuring and advisory services.
- Tax Planning for Corporates and others.