Article On Hindu Undivided Family (HUF) topic of Business Environment

Hindu Undivided Family

The term Hindu Undivided Family (HUF) is not defined under Income Tax Act. It is defined under Hindu Law. It means a family that consists of lineally descended persons from a common ancestor. HUF is considered a separate person from an individual and is separately taxable. Thus, a Hindu has a privilege of planning to have 2 assessments i.e. one as an individual and one as a HUF.

HUF is a business form of an organization. All the activities are handled by the head of the HUF called “Karta”. In a HUF business, only the male members get a share in the business. The membership is limited up to 3 successive generations and they are also called ‘Co-parceners”.

Characteristics of Hindu Undivided Family

Legal Status: A HUF enjoys its status without any registration. It has got due recognition under Income Tax Act but it does not enjoy any separate legal status. It can enter into partnership agreements with others.
Membership: A HUF consists of only 2 types of members; one is Karta and the other is Co-parcener. No membership is allowed to anyone other than these two. However, there is no limit to the number of members as they are members of the HUF by birth.

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