Strength of HUF Several factors can influence the strength of HUF or growth of a Hindu Undivided Family (HUF). Here are some reasons why an HUF may be perceived as getting stronger: 1. Accumulation of Wealth: If the HUF has been successful in accumulating wealth over time through various sources such as ancestral property,… Read More »
Can HUF open savings account Yes, a Hindu Undivided Family can open a savings account in its name. Banks in India offer savings accounts specifically designed for HUFs. These accounts allow the HUF to deposit and withdraw funds, earn interest on the balance, and perform various banking transactions. To open a savings account for an… Read More »
Can HUF give gift to its members Yes, a Hindu Undivided Family (HUF) can give gift to its members. As per the Hindu law, an HUF can make of its ancestral or self-acquired property to its members. The are typically given by the karta (head) of the HUF on behalf of the family. However, it’s… Read More »
Can HUF earn Commission Income Yes, a Hindu Undivided Family (HUF) can earn commission income. HUFs, as a separate legal entity under Indian tax laws, can engage in various income-generating activities, including earning It can earn through various activities, such as acting as an agent or intermediary in facilitating transactions or providing services for… Read More »
Are HUFs Eligible for NPS The National Pension System (NPS) is a government-backed retirement savings scheme in India, designed to provide financial security post-retirement. While many individuals are aware of their eligibility to invest in NPS, a common query arises regarding Hindu Undivided Families (HUFs) and their participation in this scheme. Eligibility of HUF for… Read More »
Can HUF Claim 80C Deduction In India, the Income Tax Act provides various avenues for taxpayers to claim deductions and reduce their taxable income. One of the most popular sections under which deductions are claimed is Section 80C. This section allows individuals and Hindu Undivided Families (HUFs) to claim deductions for investments and expenses, up… Read More »
