HUF Deed (Drafting)
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HUF Deed (Drafting) Form
What is a HUF?
HUF stands for Hindu Undivided Family wherein the Income that is being earned belongs to the whole family and not to any specific individual. As the Income is being generated in the hands of the whole family, this income cannot be taxed in the hands of the family but is taxed in the hands of the HUF. HUFis treated as a ‘person’ under section 2(31) of the Income-tax Act, 1961 (herein after referred to as ‘the Act’). HUF is a separate entity for the purpose of assessment under the Act.
What is a HUF Deed?
The HUF Deed is a written formal document on a Stamp Paper that consists details of karta, members of the HUF, the source of funds, and the likes of it. The Deed acts as proof of the existence of the entity that has been formed. The eldest male member of the HUF becomes the Karta of the HUF.
HUF may be formed with or without a legal deed, though it is always advisable to pursue a business with a written document. The document should include a declaration by a family member for the name of the Karta, powers vested with the Karta, and the entitlement of the Karta to hold the transactions on behalf of its members. In addition to it, the document should state the capital that was invested in forming the HUF.
Documents required for HUF
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Frequently Asked Questions (FAQs)
A son in the womb of his mother at the time of partition;
Mother;
Wife.
