HUF – Ascent Financial Solutions https://www.ascentsolutions.in Ascent Financial Solutions Pvt. Ltd. is a professionally run, SEBI registered investment advisory firm established with a single-minded objective of providing Wed, 30 Jul 2025 11:44:04 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://www.ascentsolutions.in/wp-content/uploads/2023/02/Favicon_Ascent-100x98.png HUF – Ascent Financial Solutions https://www.ascentsolutions.in 32 32 HUF-Part-3 Legal Aspects & Disadvantages of HUF https://www.ascentsolutions.in/huf-part-3-legal-aspects-disadvantages-ofhuf/ https://www.ascentsolutions.in/huf-part-3-legal-aspects-disadvantages-ofhuf/#comments Sat, 04 Jul 2015 09:51:27 +0000 http://ascentsolutions.in/wordpress/?p=1348

In my first article on HUF & Tax Planning which was published on 4th June, 2015 I had discussed ” What is HUF? & How to create HUF?“ and in my second article on HUF & Tax Planning which was published on 19th June, 2015 I had discussed “How to reduce Tax Liability using HUF?“. In this article I have discussed other legal aspects of HUF & Disadvantages of HUF.

Legal Aspects of HUF:

Rights on Income & assets of the HUF:

HUF property and income are considered to be property and income of joint family and not of karta. So karta as a signing authority becomes manager of the joint family assets and income but he does not become owner of the joint family property.

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In my last article we had discussed “What is HUF & How to create HUF?” In this article we will be discussing How to reduce your Tax Liability using HUF as a separate entity in the eyes of Income Tax Act.

♦ Separate Legal entity:  HUF is a separate legal entity in the eyes of Income Tax Act. So for HUF separate Income Tax return has to be filled like we file in case of individual. Basic exemption limit for HUF are same as Individual so it works like a separate file. HUF also enjoys all the deductions and exemptions like Individual. One can make investment in different avenues and get benefits of Sec 80 C. 

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Part 1- What is HUF & How to create HUF?

Tax Planning is a part of overall Financial Planning and HUF is a good way of planning and reducing your tax liabilities. But Many times I have seen people are confused about formation and functioning of Hindu Undivided Family (HUF) and as a result are not able to take the benefit of HUF as a separate entity and save their taxes.  So this article is an effort to clarify the basics of HUF in the eyes of Income Tax and how to utilize HUF as a Tax Planning tool.

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