What is HUF? Can other than Hindus also form a HUF?
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HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members. Mainly A Hindu family can come together and form a HUF. And Buddhists, Jains, and Sikhs can also form a HUF. And also HUF has its own PRead more
HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members.
Mainly
A Hindu family can come together and form a HUF. And Buddhists, Jains, and Sikhs can also form a HUF.
And also HUF has its own PAN and files tax returns independent of its members.
See lessWhat About Muslims? can they form the HUF?
What About Muslims? can they form the HUF?
See lessNo Can Other Than Hindus Also Form a HUF? While the name “Hindu Undivided Family” might suggest exclusivity to Hindus, the term in practice is interpreted in the light of traditional Hindu law. As per judicial interpretation and conventional application: Eligible Persons:The formation of an HUF is aRead more
No
Can Other Than Hindus Also Form a HUF?
While the name “Hindu Undivided Family” might suggest exclusivity to Hindus, the term in practice is interpreted in the light of traditional Hindu law. As per judicial interpretation and conventional application:
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See lessEligible Persons:
The formation of an HUF is available to those governed by Hindu law. This traditionally includes Hindus, Jains, Sikhs, Buddhists, and Parsis since these communities are considered to be under the ambit of Hindu personal law principles.
Exclusion of Other Religions:
Persons whose religious practices are governed by other personal laws, such as Christians and Muslims, are not considered eligible to form an HUF. The reasoning is that the concept, along with the legal framework and benefits of an HUF, arises from the Hindu system of family law.