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Hindu Undivided Family

 


Own a family business and want to pass on the legacy to next generation? HUF is for you. Form an HUF at INR 4999/- only.
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What is an HUF?

 For your kind notice

 

What is HUF?

The term HUF stands for ‘Hindu Undivided Family’ and comprises of all descendants of a common male ancestor and includes their wives and unmarried daughters. The term of HUF is not defined in income tax law; it is defined under the Hindu Law as a family.

The family continues to exist even after the death of the common ancestor and the next eldest male member becomes the head of the family or the “Karta”. In financial terms, we can call him ‘manager of the family’. Even on the death of all the male members, the HUF continues to exist.

 The term ‘Hindu Undivided Family’ (HUF) is defined under Hindu Law. so it can’t be created by an agreement between two parties, nor can it be formed by a group of people who do not constitute the family. Buddhists, Jains, and Sikhs can also form HUF.

Conditions to be fulfilled to create an HUF:

  • HUF should only be formed by a family.
  • HUF is automatically created for newly added member of the family at the time of their marriage.
  • HUF in general consists of a common anscentor and all of his descentors including their dughters and wives,
  • Buddhists, Jains, Hindus and sikhs are able to form HUF.
  • HUF often has assets which come as will, gift or ancentral property,
  • Once the HUF is created, the bank account should be created in the name of the HUF. A PAN number will be generated in the name of HUF.

Why to choose Ebizfiling as your service provider for your HUF formation?

 

GSTUP.COM is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. Incorporating a HUF is easy, seamless, cheapest and quickest with GSTUP.COM! Apart from a HUF, EbizFiling.com also helps entrepreneurs with Private Limited Company Registration, Public Limited Company Registration, LLP Registration, Partnership Firm, One Person Company and Proprietorship Firm Registration easily. You may get in touch with our compliance manager on 07388147521 or email info@gstup.com for free consultation.

Private Limited Company Registration Fees

Classification According Your Needs

Startup

Rs. 4999.00
(All Inclusive)

  • Drafting of deed
  • Franking and Notary of Declaration
  • PAN

Enhanced

Rs. 5799.00
(All Inclusive)

  • Drafting of deed
  • Franking and Notary of Declaration
  • GST Registration
  • PAN

Ultimate Value Pack

Rs. 7299.00
(All Inclusive)

  • Drafting of deed
  • Franking and Notary of Declaration
  • GST Registration
  • PAN
  • 1st Income Tax filing for non audit assessee

Why you should form an HUF?

 All you should know about necessary compliances
Separate Legal Entity

One of the major benefits of the Hindu Undivided Family is that it is considered a separate legal entity. This entitles HUF to obtain a separate PAN card and bank accounts in the name of the HUF

Tax-Free Gift

monetary gift up to INR 50000 may be received in cash, cheque, draft, etc by an individual/ HUF is free from income tax. Also, a gift by Karta to his daughter on her marriage is expmted from taxation.

HUF Deed

HUF is very easy to form. It comes into existence merely by a HUF Deed. It is a formal legal document on a stamp paper which clearly states the names of the ‘Karta’ and the co-parceners (other members)

Tax Savings

By creating an HUF, you get an additional PAN Card which would be legally acceptable as well as to avail the tax benefits. As the new PAN CARD in the name of an HUF is created, the family can pay its tax individually.

Equal Rights

Each member has an equal right to the property owned by an HUF. New members that get added to the family by way of birth or marriage also have an equal share in the property. An even unborn child in the womb of the mother will have equal rights.

Inheritance

Inheritance can be accepted in Hindu Undivided Family’s name. The legal heir would have a vested interest in the legacy after the death of the person who made the Will, his children are also considered legal heirs to the property so inherited.

Documents Required for Hindu Undivided Family (HUF)

Classification According Your Needs
Quick Checklist
  • PAN Card
  • ID Proof (Driving License/Passport/Voter ID)
  • Electricity Bill or any other utility bill for the address proof

Advantages of a Private Limited Company

 Points to make your decision easy
No Minimum Capital

No minimum capital is required to form a Private Limited Company. A Private Limited Company can be registered with a mere sum of Rs. 10,000 as total Authorized Share capital.

Separate Legal Entity

A Pvt Ltd Com is a separate legal identity in the court of the law, meaning assets and liabilities of the business are not same as the assets and liabilities of the directors. Both are counted.

Limited Liability

If the company undergoes financial distress , the personal assets of members will not be used to pay the debts of the Company as the Liability of the person is limited.

Fund Raising

A Public Limited Company is the only form of business except Public Limited Companies that can raise funds from the Venture Capitalists or Angel investors.

FDI Allowed

If the company undergoes financial distress members will not be used to pay the debts of the Company as the Liability of the person is limited.

Builds Credibility

The particulars of the company are available on a public database. Which improves the credibility of the company as it makes it easy to authenticate the details

How to form an HUF?

Registration Process in 5 steps

1

Obtain Digital Signature Certificate

2

Reserve Your Company Name

3

Submission of MOA & AOA

4

Get Incorporation Certificate

5

Get Company’s PAN & TAN complete

6

Start your dreem to be true liked by U!

Fill Simple Checklist

A compliance manager will get in touch with you to collect your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for verification. Our team of experts will verify the documents provided by you and take the procedure further. The compliance manager dedicated to you will keep you updated on the progress of Company Registration throughout the process.

Name Approval!

Once your documents along with Checklist are submitted, we shall proceed with the application of your Digital Signature and subsequently the approval of name for your Private Limited Company. You may suggest up to three names of your choice. Names should be unique and suggestive of the Company’s business. We will proceed with application for name for your Private Limited Company in Part A of SPICe Plus form.

Company Registration

We will draft the MOA (Memorandum of association) and AOA (Articles of association). We will file the incorporation documents with MCA through in part B of a form called “SPICe Plus (SPICe +)” along with the subscription statement. Usually, MCA approves the forms within 4-5 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.

Faqs

Get answers to all your queries
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How can a HUF be created? Who can be members of a HUF?

Birth of a son in a Hindu joint family automatically makes him a member of the HUF. In view of this, all male members and unmarried daughters automatically become members of the HUF. In addition to that, if a child is adopted, then he also becomes a member of the HUF. Moreover, upon marriage, a wife becomes a member of her husband’s joint family..

Does HUF arise from a contract?

No HUF arises only from status..

Does HUF include the wives and daughters of the above-said persons?

Yes. A family consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters.

What is ancestral property?

It is the property, which a man inherits from any of his three immediate male ancestors, i.e., father, grandfather, and great-grandfather.

Can there be HUF with only female members?

Yes. As so long as the property which was originally of the joint Hindu family remains in the hands of the widows of the member of the family and is not divided, HUF can continue with female members.

Can Karta gift HUF property?

Gift by Karta of HUF, a movable property or an immovable property within reasonable limits in favor of his daughter is permissible on the occasion of her marriage.

Have some queries?

ur expert will help you in choosing the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@gstup.com or call us toll free @1800 890 1716. You can whatsapp us on +91.7388 147 521