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HUF Registration in Madurai & Karur

HUF registration can be done with Corpstore Business Solution in Madurai and Karur. HUF stands for Hindu Undivided family governed under Hindu law board and it could be formed by a married couple or by the members of a joint family. HUF can be formed by two members of the family, at least one among whom should be a male member. Senior most male member of the family will become ‘Karta’.

Hindu Undivided Family is treated as a ‘person’ under section 2(31)of the Income-tax Act, 1961 HUF is a separate entity for the purpose of assessment under the Act. However, most of the people not aware of the benefits of Hindu Undivided Family. There are many Hindu families in India, which are not divided yet, and the income accumulated by those families are considered as the joint income. The most interesting thing is that joint incomes do not impose a tax on specific individuals, rather it is imposed collectively on all family members.

HUF Registration in Madurai

How to create HUF?

  • HUF can be formed only by a family.
  • HUF is automatically created for the newly added member family at the time of their marriage.
  • In general, HUF consists of a common ancestor and all of his descendant’s including their daughters and wives.
  • Buddhists, Hindus, Sikhs and Jains can also form HUF
  • HUF often has assets which come as a will, gift, or ancestral property
  • Once the HUF is created, the separate bank account should be created in the name of HUF. After that, a PAN number will be generated in the name of HUF created.

Documents required for HUF registration:

  • Scanned copies of PAN Card
  • Declaration deed of HUF/ List of coparceners
  • Bank pass-book or bank statement in the name of HUF
  • Photograph, Identity proof, Address proof and PAN of Karta