HUF ownership:
In an HUF (Hindu Undivided Family), the ownership of the family’s assets and properties is vested in the HUF itself. This consider as separate legal entity and the collective ownership of its members is defined by their status as coparceners.
Coparceners, typically male descendants up to four generations from the common ancestor, have a birthright in the ancestral property of the HUF.
They have an equal right to the HUF’s property and can claim a share in it. However, it’s important to note that the Karta, who is usually the eldest male member of the family, has the power to manage and control the assets of the HUF.
For more information to visit:https://www.incometax.gov.in
The individual members of the HUF do not own specific portions of the HUF’s property directly. Instead, their ownership rights derive from their status as coparceners and govern the Hindu Succession Act and other relevant laws.
So, It is advisable to consult with a legal professional or chartered accountant to understand the specific ownership rights and implications within an HUF. As they may rely on customary practices and applicable laws in your specific jurisdiction.
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