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Hindu Undivided Family (HUF) Registration
HUF stands for Hindu Undivided Family wherein the Income that is being earned belongs to the whole family and not to any specific individual. The term of HUF is not defined under Income tax law; it is defined under the Hindu Law as a family. Buddhists, Jains, and Sikhs can also form HUF. HUF could be formed by two members, at least one among whom should be a male member of the family. Senior most male member of the family would become ‘Karta’.
This form of organisation exists under Hindu law and is governed by the law of succession. The joint Hindu family form is a form of business organisation in which the family possesses some inherited property. The inheritance of the property is among the male members.
ComplianceIndia can be your legal and professional partner in India to help you understand how to incorporate a HUF in India quickly and cost-effectively.
Advantages of HUF
A HUF is easy to form.
HUF is a separate Legal Entity in the eyes of law.
Monetary gift up to INR 50000 may be received in cash, cheque, draft, etc by an individual/ HUF is free from income tax.
Each member has an equal right to the property owned by an HUF.
Inheritance can be accepted in Hindu Undivided Family’s name.
Membership of a Joint Hindu family business is automatic by birth of a male child.
There is no restriction on the number of coparceners of the HUF business. However, the membership is restricted to three successive generations
Conditions to be fulfilled to form 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 ancestor and all of his descanters including their daughters and wives,
– HUF often has assets which come as will, gift or ancestral 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.
How we Work?
Step 1
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Packages
Consultation Charges
Nil
Complete assistance by Experts or Professionals indicating Process, Documents required, Benefits, Tax compliance, Legal Compliance, etc.
Start-up Plan
Rs. 3,999/- only
- – Drafting of Deed
- – HUF Registration
- – Current Account Opening in your nearest Branch
- – Expert advice from Experts/ Legal Professionals
Basic Plan
Rs. 5,999/- only
- – Drafting of Deed
- – HUF Registration
- – GST Registration
- – Current Account Opening in your nearest Branch
- – Ledgers Keeping
- – Legal Drafting of documents
- – Expert advice from Experts/ Legal Professionals
Advance Plan
Rs. 9,999/- only
- – Drafting of Deed
- – HUF Registration
- – GST Registration
- – Current Account Opening in your nearest Branch
- – Ledgers Keeping
- – Legal Drafting of documents
- – 6 months GST Return filing
- – Expert advice from Experts/ Legal Professionals
Ultimate Plan
Rs. 14,999/- only
- – Drafting of Deed
- – HUF Registration
- – GST Registration
- – Current Account Opening in your nearest Branch
- – Ledgers Keeping
- – Legal Drafting of documents
- – 12 months GST Return filing
- – Income tax filing for first year
- – Expert advice from Experts/ Legal Professionals
Documents Required for HUF Registration
Comparison
Form of Business | Hindu Undivided Family (HUF) | Sole Proprietorship |
Meaning | The business which is run by a Hindu Undivided family is called a Joint Hindu family. This kind of business is governed by Hindu law | The business which is owned and managed by a single person is called as a sole proprietorship. |
Formation | This type of business is formed by at least two members of the family. | The sole proprietorship is very easy to form and having very less legal formalities. |
Capital | The liability of the members of HUF is limited up to their share in the business. on the other hand, “Karta” is having unlimited liability so his personal assets can be used for the payment of debts of the business. | Limited capital is required for starting the sole proprietorship business. |
Liability | HUF business is fully controlled and managed by the senior member of the family “Karta” and the important decisions of the business are taken by the Karta. | The liability is unlimited under the sole proprietorship and owner is a person who manages and pays all the debts alone. |
Risk and loss | The death of the senior member does not affect the existence of the business, next senior-most male member becomes Karta. | In the sole proprietorship business, the only owner bears all the risk and losses. |
Management | In Joint Hindu Family Business, distribution of profit is equal in all members. | All the business operation are managed by the owner and the owner takes all major decisions of the business. |
Members | Ancestral property can be transferred to create a capital in joint Hindu Family Business. | In a sole proprietorship, there is only one member who manages all business operations. |
Continuity | The company stable and continues as the death of any member does not affect the existence of the company. | Sole proprietorship can’t exist without the owner. |
Legal entity | Company is a separate legal entity from its members. | In Sole proprietorship, there is no separate legal entity. |
Example | Examples of the company are Reliance Industries Ltd., Apple, Samsung. | Any grocery store which is owned by a single person like ABC general store. |
Governed by | Company is governed by the Companies Act. | The sole proprietorship has no particular act. |
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