Here are key points about HUF and how it can be setup in india?
Here are the key points on how to set up a Hindu Undivided Family (HUF):
An HUF comes into existence by operation of law, not by an act of the parties. It is formed when there are at least two coparceners (members with equal rights) in the family.
Only Hindus, including Jains, Buddhists, and Sikhs, can form an HUF. Muslims, Christians, Jews, and Zoroastrians cannot have an HUF.
An HUF consists of a common male ancestor and four generations of his descendants, including adopted children. Daughters have been made coparceners with equal rights as sons since the 2005 amendment to the Hindu Succession Act.
Each male member can be part of four HUFs simultaneously: his own, and those of his father, grandfather, and great-grandfather..
The HUF continues to exist even after the death of the Karta (manager). The senior-most coparcener can be appointed as the new Karta, including a daughter.
To obtain a Permanent Account Number (PAN) for the HUF, an affidavit containing basic details like the date of formation and members must be submitted along with the PAN application form.
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Read MoreHere are key points about HUF and how it can be setup in india?
Here are the key points on how to set up a Hindu Undivided Family (HUF):
An HUF comes into existence by operation of law, not by an act of the parties. It is formed when there are at least two coparceners (members with equal rights) in the family.
Only Hindus, including Jains, Buddhists, and Sikhs, can form an HUF. Muslims, Christians, Jews, and Zoroastrians cannot have an HUF.
An HUF consists of a common male ancestor and four generations of his descendants, including adopted children. Daughters have been made coparceners with equal rights as sons since the 2005 amendment to the Hindu Succession Act.
Each male member can be part of four HUFs simultaneously: his own, and those of his father, grandfather, and great-grandfather..
The HUF continues to exist even after the death of the Karta (manager). The senior-most coparcener can be appointed as the new Karta, including a daughter.
To obtain a Permanent Account Number (PAN) for the HUF, an affidavit containing basic details like the date of formation and members must be submitted along with the PAN application form.
Also Read: Ways how property can be transferred after owner's death?