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What are the rights of HUF members?

As a member of the HUF, the spouse of the grandson is entitled to basic maintenance from the HUF (which includes food, shelter, clothing, medical aid, etc.) upon the death of her husband, and even then at the discretion of the Karta. Her rights are extremely limited, if at all.

Can HUF transfer property to individual?

Upon receiving an intimation for such partition, the karta can take steps to transfer a part of the HUF property to such coparcenary (based on his or her interest as on that date) and upon partition the said coparcenary shall cease to be a member of the HUF or have any interest to the remaining property thereof.

What is individual HUF?

Hindu Undivided Family (‘HUF’) is treated as a ‘person’ under section 2(31)​ of the Income-tax Act, 1961 (herein after referred to as ‘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.

Is HUF individual or non individual?

HUF is neither an individual nr a firm but it is a joint family consists of all persons lineally descended from a common ancestor. There is no dispute that the said family can reside in the house, which belongs to the Hindu Undivided Family. 1. HUF is nether a Firm nor an individual.

Can wife be a member of HUF?

The HUF is led by a member known as the karta, who is usually the eldest male member of the family. However, each coparcener is entitled to receive a share in the income from the assets or properties an HUF holds.

Can wife be Karta of HUF?

In CIT vs Seth Govindram Sugar Mills [1966 AIR 24], the Supreme Court held that a widow cannot be regarded as the karta of her husband’s HUF. However, she can manage the HUF assets and can represent the same for tax assessment, if the coparceners are minors until the eldest coparcener attains majority.

How do I transfer property from HUF to individual?

You can transfer the property to HUF subject to certain provisions of law, i.e., If a member of the HUF gifts a property owned by him to the HUF, then any income earned from such property shall be taxable in the hands of the individual by virtue of Section 64(2).

Can HUF property be willed?

Property can be acquired by any mode; by partition of bigger HUF or by gifts from any member of the family or even by a stranger or by will with unequivocal intention of the donor or the testator that the said gift or bequest will form the joint family property of the donee or the testate or Re-union of HUF.

Is wife a member of HUF?

Is it mandatory to file ITR for HUF account?

Every HUF has to file the return of income if the total income (including income of any other person in respect of which the HUF is assessable) without giving effect to the provisions of section 10A, 10B and 10BA or Chapter VIA exceeds the maximum amount which is not chargeable to tax or in other words exceeds the …

Can husband and wife form HUF?

It consists exclusively of male members, much narrower than Hindu Undivided Family. 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 woman be Karta in HUF?

Thus, it is suggested that there should be an immediate directive to all the authorities/institutions in India to recognize a female as Karta of HUF, whether she inherits property from a male or a female ancestor. In such HUF husband and children should also be allowed to be members/coparceners of the Wife’s HUF.

What are the property rights of HUF member?

Property owned by women members is known as stridhan (the property of a woman), and income from it is not taxable as income of an HUF. This also means women members of an HUF cannot combine their separate assets with the property of the joint family. However, they can gift their property to the HUF.

What does HUF stand for in Indian law?

Hindu Undivided Family (HUF) The term HUF stands for Hindu Undivided Family. Indian Citizens with Hindu ethnicity can come together and save a good amount of taxes by creating a HUF. There are certain rules and regulations to be followed by HUF.

Can a woman be a member of a HUF?

This also means women members of an HUF cannot combine their separate assets with the property of the joint family. However, they can gift their property to the HUF.

Who are the Hindu Undivided Family members ( HUF )?

In matters related to property laws, the term Hindu Undivided Family (HUF) if often used. An HUF comprises all the people who have lineally descended from a common ancestor and includes wives and unmarried daughters. Apart from Hindus, HUF laws also cover Jains, Sikhs and Buddhists.