Get Huf Declaration

It must be remembered that H.U.F. is a legal entity and it is not a juristic person for all the purposes. A Hindu Undivided Family may be included as a person as defined in the Income Tax Act as well as the Excise Profit Act but it is not a juristic person for all the purposes.

HUF is a separate entity for the purpose of assessment under the Act. Under Hindu Law, an HUF is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters. An HUF cannot be created under a contract, it is created automatically in a Hindu Family.

26 November 2008 Individual is person who holds self acquired property and having right in ancestral property. HUF is the sum of all ancestral property that you acquire by virtue of being born in that family. Benefits.

Therefore, property purchased in the name of any member of the HUF is eligible for claiming exemption under section 54 of the Act. He further reiterated that the member of the HUF on whose name the property is purchased does not derive any independent right on the property or its income.

However, an HUF can own a residential house without having to pay tax. In addition, it can also avail of a Home Loan to purchase a residential property and get tax benefits up to Rs 1.5 lakh under Section 80C of the Income Tax Act for loan repayment and up to Rs 2 lakh for interest thereon.

A Hindu family can come together and form a HUF. Buddhists, Jains, and Sikhs can also form a HUF. HUF has its own PAN and files tax returns independent of its members.

1. Two documents in the name of the entity confirming the name and address issued by Government authority/Department as registration/license document (as per Table A & Table A2) 2. Latest passport size colour photograph of the proprietor 3. Permanent Account Number (PAN) card of the proprietor 4.

Hindu Undivided Family (HUF) Under Hindu Law, an HUF is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters. An HUF cannot be created under a contract, it is created automatically in a Hindu Family.

Creating a HUF Deed is not mandatory and PAN Card and Bank Account can be opened without HUF as well but it's always better to have a written document in place.