Archive | HUF

How to save taxes by forming an HUF

Earning a decent livelihood in a metro city is not easy. Varun knows this, which is why despite having a full-time job as a content writer, he does freelance work as well. His wife had to leave her job after the birth of their child, so it was up to Varun to take up freelance […]

Continue Reading

Who takes over when Karta of a HUF dies?

In continuation of our post on what is an HUF – which you can read here, today let’s answer some common questions about who takes over the HUF when the Karta passes away Upon the demise of the Karta, who takes over? Upon the demise of karta, the eldest male member of the family becomes […]

Continue Reading

What is HUF?

We have heard and used the term HUF in income tax; today let’s understand what exactly the HUF is. HUF is simply ‘Hindu Undivided Family’. Though it has not been specifically defined in the income tax act, the act recognizes the HUF as a separate taxable entity (just like an individual, a company or a […]

Continue Reading