Which act governs HUF
HUF primarily governs by Hindu law in India. The key legislation that governs HUF is the Hindu Succession Act, 1956. This act lays down the rules and regulations pertaining to succession, inheritance, and property rights within an HUF.
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The Hindu Succession Act, 1956, provides guidelines for the devolution of property upon the death of a member of the HUF, the rights and liabilities of coparceners (members with a birthright in the ancestral property), the position of the Karta (head of the family), and the rights of female members within the HUF.
Additionally, other laws and regulations may also apply to specific aspects of HUFs, such as the Income Tax Act, 1961, which governs the taxation of HUF income and the filing of tax returns.
It is important to note that the laws governing HUFs may vary in different jurisdictions or states within India, and it is advisable to seek legal counsel or consult a qualified professional to understand the specific laws and regulations applicable to HUFs in your jurisdiction.
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