What is the meaning of HUF in Gujarati?

What is the meaning of HUF in Gujarati? hindu undivided family હિંદુ અવિભક્ત કુટુંબ ⇄ hindu undivided family. What is the meaning of HUF? Hindu Undivided Family ​​​Hindu Undivided Family (HUF) HUF is a separate

What is the meaning of HUF in Gujarati?

hindu undivided family
હિંદુ અવિભક્ત કુટુંબ ⇄ hindu undivided family.

What is the meaning of HUF?

Hindu Undivided Family
​​​Hindu Undivided Family (HUF) HUF is a separate entity for the purpose of assessment under the Act. Under Hindu Law, an HUF is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters.

Who can create HUF?

One person cannot form HUF, it can only be formed by a family. A HUF is automatically created at the time of marriage. HUF consists of a common ancestor and all of his lineal descendants, including their wives and unmarried daughters. Hindus, Buddhists, Jains and Sikhs can form HUFs.

Can husband and wife form HUF?

To create HUF, at least two coparceners are required either son or daughter. Therefore only husband and wife cannot create an HUF, unless the property has been received by a coparcener on partition or otherwise. However, there is no impediment to starting a new HUF by gift from family members.

Can wife be Karta of HUF?

It is important to note that the Act recognises wives and daughters-in-law only as members of a HUF, not as coparceners. It means they cannot become Karta as only coparceners are eligible to be Karta of HUF, but will get husband’s share in an estate after his death.

Can female be a Karta?

In the case of Mrs Sujata Sharma vs Shri Manu Gupta & Ors [CS (OS) 2011/2006], the Delhi high court held that an eldest female member of a family, being the coparcener in an HUF, may become the karta of an HUF.

What is the benefit of HUF?

The income tax slab for HUF is same as that of an individual, with an exemption limit of Rs 2.5 lakh and qualifies for all the tax benefits under Section 80C, 80D, 80G and so on. It also enjoys exemptions under Section 54 and 54F with respect to capital gains.

Can HUF property be sold?

The Karta of the HUF has the right to sell the property in the interest of the HUF &/or its members, So, he can sell the property to your mother with the consent of all the members of the HUF, 3.

Is HUF a person?

HUF is a joint family consists of all persons lineally descended from a common ancestor. Hence, HUF is a group of members of the same family. Hence, the status of HUF cannot be termed as person.

Can female become Karta of HUF?

By definition, the karta of an HUF would compulsorily need to be a coparcener. In the case of Mrs Sujata Sharma vs Shri Manu Gupta & Ors [CS (OS) 2011/2006], the Delhi high court held that an eldest female member of a family, being the coparcener in an HUF, may become the karta of an HUF.

Can a person have 2 HUF?

So a person can be a member of more than one HUF at the same time. For example, he can be a member of his own HUF, HUF of his father, HUF of his grandfather and HUF of his great grandfather at the same time.