Solubilis provide Hindu Undivided Family registration services in Chennai, Bangalore, Hyderabad, Cochin and anywhere in India. In olden days business houses are run by families and later due to business growth and expansion the management of the business was given to the professional managers. Indian Income Tax act recognizes Hindu Undivided Family as an assessing entity. Hindu Undivided Family is the life style of Hindu religion. All the family members live together under the guidance and direction of the one eldest family member. Similarly, the business is also managed by members of the Hindu Undivided Family. Hindu Undivided Family shall mean a family consist of senior elderly persons lineally descended from common ancestors and include their wives and unmarried daughters. In Hindu Undivided family, senior most member of the family will be called as “Karta”, who will manage business of the family. The other male and female members of a HUF all designated as co-parceners.
Solubilis corporate services assist the clients registering Hindu undivided Family (HUF) as a separate tax entity.
The head of a HUF is called the Karta; he is the senior-most male member of the family.
Yes! Until January 2016, a woman could not be the HUF Karta. But in a landmark case, the Delhi High Court ruled in favour of a female being the Karta of a HUF. However, the same has not been incorporated in the Income Tax Act as yet.
It is not necessary that a HUF must always be a resident of India. In case the control and management of the HUF are situated outside India, the HUF would be a non-resident. Where the affairs of the HUF are managed from outside India, the HUF would be a non-resident.
The HUF being a separate taxable assesse can claim a deduction under section 80C. However, the member and the HUF cannot claim a deduction in respect of the same investment made or expense incurred.
A HUF is considered to be a resident of India if the control and management of its affairs happen wholly or partly in India. In some cases, the Karta of the family may be non-resident. The resident status of the family will not change to be non-resident only because the Karta is a non-resident unless the decisions concerning the family are made outside India.
No. A single person cannot constitute HUF. There has to be minimum two members to constitute a HUF.
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