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Learn how HUFs (Hindu Undivided Families) are assessed for income tax in India. Explore key rules, income sources, exemptions, filing norms, and tax-saving benefits for effective wealth management. The full form of HUF is Hindu Undivided Family. It is a separate legal entity under the Income Tax Act, created for tax purposes. Buddhist, Sikh and Jain families are also covered under the ambit of HUF . This is one of the tax saving strategies legally available to joint families. An HUF can own property, earn income, and claim tax benefits independent of its members, helping families reduce their overall tax liability by legally splitting income. The head of the HUF is called the Karta ... The concept of the Hindu Undivided Family ( HUF ) is a unique feature of Indian personal law and taxation. It allows families to come together as a single unit for financial and legal purposes. HUFs not only represent the traditional joint family system in India but also offer significant tax-saving opportunities under the Income Tax Act, 1961." Let’s explore the meaning of HUF , its legal framework, and the tax benefits it offers." What is a Hindu Undivided Family ( HUF )?" The full form ... What is HUF aka Hindu Undivided Family? Concept of HUF is based on joint family structure followed by Hindu Communities from generation to generation including Jains, Sikhs and Buddhists Communities also which is similar to Hindu Values. HUF is classified as Legal Entity and all laws are applicable to HUF as a Separate Tax Entity.
