Category Archives: Hindu Undivided Family (HUF)

Income Generation for HUF

A HUF can earn income from all sources except Salary. It can enter into any business/ profession and even enter into a partnership business with any other individual. HUF can invest in shares and mutual funds. Any dividend income accruing from such shares or Long-term... read more

Capital Creation in a HUF

If properly planned, capital can be created in a HUF without attracting any tax provisions. The popular methods of doing this are: 1. Gifts from Relatives from members of HUF: U/S 56(ii) of I.T. Act, 1961, gifts received from relatives of members of the HUF are fully... read more

Tax Benefits HUF can claim

A list of tax benefits a HUF can claim are: Tax Deductions under Chapter VI-A:: 1) Deduction u/s 80C:: A HUF can claim tax deduction by (a) taking out Life Insurance Policies/ ULIPs in the name of its members and make payment of the premium (b) contributing to the PPF... read more

What is a HUF?

One of the most significant ways of saving income-tax for an Individual is to form a separate tax entity in the name of an Hindu Undivided Family.  HUF is a separate tax entity in the eyes of law with a separate PAN card and subject to same income tax slabs,... read more
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