HUF can comprise members of a family
Yes, a Hindu Undivided Family (HUF) can comprise members of a family who are connected through a common lineage and have a legal relationship as defined by Hindu law. The HUF is a unique legal entity recognize under Indian law, primarily governed by Hindu Succession Act, 1956.
The HUF typically consists of the following members:
Karta: The Karta is the head of the HUF and manages its affairs. The Karta is usually the eldest male member of the family, but in certain cases, a female member can also become the Karta. The Karta has the authority to make decisions on behalf of the HUF.
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Co-Parceners: Co-Parceners are the immediate male descendants of the HUF, including sons, grandsons and great-grandsons, who acquire an equal share in the ancestral property by birth. They have a right to demand a partition of the HUF property.
Members: Apart from the Karta and Co-Parceners, other members of the family, such as married daughters and their children, can also be part of the HUF. However, their rights and shares may differ from those of Co-Parceners.
The members of an HUF can collectively hold and manage property, carry out business activities, and enjoy certain tax benefits. It’s important to note that the composition of an HUF may vary based on the specific family and applicable legal provisions. Consulting with a qualified legal professional can provide more accurate guidance based on individual circumstances and relevant laws.
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