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Hindu undivided family
Direct Taxation
What is a hindu undived family. How can we identify whether particular family is HUF or not?
Answers (3)
Best Answer
In HUF,Family assets are pooled and carry a bussiness based on pooled assets.An hindhu family come together and forms HUF with common property,do the bussiness and earn profits.All members may or may not participate in doing bussiness.The kartha will look over the bussiness activities. HUF treated as separate legal entity.i.e it is separate from its members.
Maduguri Bhanu
In HUF,Family assets are pooled and carry a bussiness based on pooled assets.An hindhu family come together and forms HUF with common property,do the bussiness and earn profits.All members may or may not participate in doing bussiness.The kartha will look over the bussiness activities. HUF treated as separate legal entity.i.e it is separate from its members.
Thank you Last question.. Is registration of HUF necessary or not??
Thread Starter
Sai TejaThank you Last question.. Is registration of HUF necessary or not??
HUF is created generally through Gift Deed. For income tax purposes, they are assessed as separate entity.
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