"You Can Have An HUF Even Now" |
| A question that is frequently asked by Hindus not having the separate tax entity of an HUF is whether it is still possible for the members of a Hindu family to enjoy the status of an HUF? The answer is “yes”. Thus, even where the separate branch of a Hindu Undivided Family has no ancestral property or divided joint family property, it can claim the separate status of “HUF” in income tax matters if special gifts meant for the HUF only are received by the HUF from father, mother or relatives and friends. In the latter case, the HUF will be assessable as a separate taxable entity. All HUFs are now having exemption limit like an individual. |
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