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The benefits of maintaining an HUF account are mentioned below-
According to the IT Act, tax rebates and deductions can be availed under section 80C for HUF accounts.
Gifts valued up to Rs 50,000 enjoy tax exemption. It allows tax benefits under sections 64(2) and 56(2).
A HUF can participate in various business activities, and the income generated shall be considered the HUF’S Income.
The HUF has the capacity to generate income, participate in business operations, and invest in various assets. Meanwhile, it retains the advantage of the basic exemption limit set at 2.5 lakhs.
Equity-linked savings schemes (ELSS) are a tax-saving investment avenue that HUFs can explore and avail themselves of tax benefits of up to Rs. 1,50,000 under section 80C.
Multiple residential properties can be owned by Establishing HUF without incurring additional taxes.
HUFs can enjoy deductions enjoyed by individual taxpayers, like a deduction of Rs. 1,50,000 on specified investments and life insurance premiums under section 80C.
HUF account enables the pooling of family assets. It facilitates centralized management and ensures the proper utilization of resources.
Hindu Undivided Family can own and operate businesses. It allows for business expansion and diversification.
HUFs can split income among family members. It reduces overall tax liability through lower tax slabs.
HUF accounts facilitate efficient wealth management. Such accounts consolidate family assets and investments under a single entity.
HUFs can contribute to retirement funds and schemes. It ensures financial stability and security for family members.
Rooted in Hindu Law, the formation of HUF (Hindu Undivided Family) often takes place upon an individual’s marriage. An HUF account is a distinguished and acknowledged business entity according to the tax laws. HUF is a unique entity. Gaining insights into pivotal roles is of utmost importance. Hindu Undivided Family (HUF) is a group of lineal descendants with a common ancestor. The membership into a Hindu Undivided Family comes not through a contract but from your status. Generally, the seniormost male member of the family acts as Karta; if he passes away, his wife can become Karta. It is a Crucial role where he will manage the family affairs as well as representing the HUF as a Whole. All The “male” members of the family shall be referred to as coparceners; he shall have the right to demand a share of the family.
A Hindu coparcener includes the sons, grandsons, and great-grandsons of the Joint Family Property holder. The coparcener extends to four generations down the family hierarchy.
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