The concept of Hindu Undivided Family, commonly known as HUF, was derived from the ancient Hindu laws.
The oldest male member heads the HUF, and is called the ‘Karta’. He is responsible for making and taking decisions for the HUF.
The other members in the family are called co-parcerners. In an Hindu Undivided Family all the members can contribute, but once the contribution is made, it will be treated as an asset of the HUF and not of that individual. Earlier only the male members were allowed to be a part of the HUF and had rights to the ancestral property.
Now, even women born in a HUf, have equal rights. If the sole male member dies, the joint family will still be continued in the hands of the women in the family.HUF is treated as a separate entity all together and enjoys the same tax benefits as any other individual taxpayer.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning without any cost on: http://bit.ly/Robo-Fintoo
Disclaimer: The views shared in blogs are based on personal opinion and does not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.
Stay up-to-date with the latest information.