HUF Means
HUF Means, It stands for “Hindu Undivided Family.” It is a legal and taxation term used primarily in India to refer to a specific type of family structure.
In an HUF, family members are lineally descended from a common ancestor and live together as a joint family, sharing common rights, obligations, and property.
The family is governed by the Hindu law and follows the principles of Hindu family customs and traditions.
HUFs have certain legal and tax implications. They are recognized as separate entities for taxation purposes, with their own Permanent Account Number (PAN) and tax obligations. HUFs can own property, conduct business, and have their own bank accounts. The Karta, typically the eldest male member, serves as the head and manages the affairs of the HUF.
HUFs are subject to specific regulations and laws related to taxation, property rights, and succession. The formation, management, and dissolution of HUFs are guided by Hindu personal and family laws, as well as relevant tax provisions. HUF definition.
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