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  • Joint Hindu Family Business 1

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    Chetan Kumar Chandan
    601 vizualizări10 pagini
    HUF or Hindu Undivided Family is defined under the Hindu Law as a family that consists of all persons lineally descended from a common ancestor, including wives and unmarried daughters. The legal business which is carried by them known as joint Hindu family business HUF consists of Karta of a HUF is the senior most male member of the family and in financial terms he can also be called manager of the family. Can a female be the Karta? The answer can'

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    HUF or Hindu Undivided Family is defined under the Hindu Law as a family that consists of all persons lineally descended from a common ancestor, including wives and unmarried daughters. The legal business which is carried by them known as joint Hindu family business HUF consists of Karta of a HUF is the senior most male member of the family and in financial terms he can also be called manager of the family. Can a female be the Karta? The answer can'

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PPSX, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    601 vizualizări10 pagini

    Joint Hindu Family Business 1

    Încărcat de

    Chetan Kumar Chandan
    HUF or Hindu Undivided Family is defined under the Hindu Law as a family that consists of all persons lineally descended from a common ancestor, including wives and unmarried daughters. The legal business which is carried by them known as joint Hindu family business HUF consists of Karta of a HUF is the senior most male member of the family and in financial terms he can also be called manager of the family. Can a female be the Karta? The answer can'

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PPSX, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 10

    Presentation by SUBODH

    What is HUF

    HUF or Hindu Undivided Family is defined under the Hindu Law as a family that consists of all persons lineally descended from a common ancestor, including wives and unmarried daughters.

    The legal business which is carried by them known as joint

    Hindu family business

    HUF Consists of
    Karta of a HUF is the senior most male member of the family and in financial terms he can also be called manager of the family All male adults in the family are called Co-Parceners
    Others Member: all female members of the family are called Members

    Karta
    1. Karta is the senior most male member of the family 2. Only the Karta has the right to manage the property and business of the HUF.

    3. Karta can enter into contract on behalf of the HUF and bind all the members to the extent of their share in the property/business
    4. If the coparceners so desire, all the coparceners and Karta may authorize any one or more adult coparceners to manage the business.

    Can a female be the Karta?


    The answer can't be No in the light of the amendment in the HS Act in 2005.An unmarried daughter, in the unfortunate event of her father passing away, will become the Karta of the HUF if she has no brother.

    Documents required for opening HUF account:HUF will have a unique PAN card; this PAN card along with the PAN of Karta should be produced. A declaration form will be provided where every member has to make a signature stating the name of Karta and declare. They are the only members of HUF. Karta to have sole authority over HUF account Every transaction on behalf of HUF account, made by each member of the family is governed by Karta. Residential proof of Karta Identification proof of Karta

    Features of HUF account:There are a few features of HUF account that makes it different from regular saving bank accounts. Every member of the family can deposit their income in the common corpus Single persons authority while participation from entire family Tax benefits on deposits under various sections Corpus can be divided only on agreement of every coparcener of the family

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