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HUF formation process: Lineal Descendants: The HUF includes lineal descendants of the common ancestor, such as sons, grandsons, great-grandsons, etc. Female members, including the wife, daughters, and daughters-in-law, are also considered part of the HUF.
Intention: The intention to form an HUF is important, where the family members consciously decide to come together and operate as a joint family, pooling their resources and holding property jointly.
Separate HUF Entity: Once the HUF is created, it becomes a separate legal and taxable entity, distinct from the individual members. It has its own PAN (Permanent Account Number) for taxation purposes and can hold assets, conduct business, and enter into contracts.
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It’s worth noting that the creation and recognition of an HUF may vary based on specific customs, traditions, and regional practices. It is advisable to consult with a legal professional or tax advisor well-versed in Hindu family law and the applicable regulations in your jurisdiction to understand the specific requirements and procedures for creating an HUF.
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