{"id":937,"date":"2020-05-22T15:35:44","date_gmt":"2020-05-22T10:05:44","guid":{"rendered":"https:\/\/vdtc.co.in\/?p=937"},"modified":"2020-05-22T15:35:46","modified_gmt":"2020-05-22T10:05:46","slug":"huf-hindu-undivided-family","status":"publish","type":"post","link":"https:\/\/vdtc.co.in\/?p=937","title":{"rendered":"HUF (Hindu Undivided Family)"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>What is HUF?<\/strong><\/h3>\n\n\n\n<p>HUF signifies Hindu Undivided Family. Save taxes by creating a family unit and pooling in assets to form a HUF. HUF is the tax charged separately from its members. A family can come together and Create a HUF. any other may form a HUF like Buddhists, Jains, and Sikhs, etc. HUF has its PAN number and file tax return independent of its members.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Tax implications of forming a HUF<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>How is HUF taxed?<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>HUF has its PAN and files a separate tax return. A separate joint Hindu family business is created since it has an entity separate from its members.<\/li><li>Claim Deductions under section 80 and other exemptions by the HUF in its income tax return.<\/li><li>Also take an insurance policy on the life of its members.<\/li><li>And also pay a salary to its members if they help to its functioning of the HUF and this salary expense can be deducted from the income of HUF.<\/li><li>Investments can be made from HUF\u2019s revenue.\u00a0<\/li><li>A HUF is taxed at the same rates as an individual.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>How to form a HUF?<\/strong><\/h4>\n\n\n\n<p>While there are tax advantages of forming a HUF, you must also meet some conditions \u2013<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A-One person cannot create HUF; it can only be formed by a family.<\/li><li>A HUF is voluntarily formed at the time of marriage.<\/li><li>It consists of a common ancestor and all of his lineal descendants, including their wives and unmarried daughters.<\/li><li>HUF usually has assets which come as a gift, a will, or property acquired from the sale of joint family property or property contributed to the common pool by members of HUF.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What is HUF? HUF signifies Hindu Undivided Family. Save taxes by creating a family unit and pooling in assets to form a HUF. HUF is the tax charged separately from its members. A family can come together and Create a HUF. any other may form a HUF like Buddhists, Jains, and Sikhs, etc. HUF has<\/p>\n<p><span class=\"more-wrapper\"><a class=\"more-link button\" href=\"https:\/\/vdtc.co.in\/?p=937\">Continue reading<\/a><\/span><\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-937","post","type-post","status-publish","format-standard","hentry","category-income-tax"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/vdtc.co.in\/index.php?rest_route=\/wp\/v2\/posts\/937"}],"collection":[{"href":"https:\/\/vdtc.co.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vdtc.co.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vdtc.co.in\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/vdtc.co.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=937"}],"version-history":[{"count":1,"href":"https:\/\/vdtc.co.in\/index.php?rest_route=\/wp\/v2\/posts\/937\/revisions"}],"predecessor-version":[{"id":938,"href":"https:\/\/vdtc.co.in\/index.php?rest_route=\/wp\/v2\/posts\/937\/revisions\/938"}],"wp:attachment":[{"href":"https:\/\/vdtc.co.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vdtc.co.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vdtc.co.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}