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Hindu undivided family

What is a hindu undived family. How can we identify whether particular family is HUF or not?


Sai Teja

Sai Teja

CA Inter

9K+

13-Feb-21 23:14

17

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

Maduguri Bhanu

CA Final

3K+

14-Feb-21 21:14

Thank 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.


Suraj Lakhotia

Suraj Lakhotia

Admin

14-Feb-21 22:21