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Hindu Undivided Family (HUF)

One of the most common form of business entity for tax planning is HUF. It is an independent taxable entity which is taxed separately from its members. It is formed by members of family and pooling of family assets. HUF can be formed by Hindus, Buddhists, Jains and Sikhs.

HUF must be registered in its name by preparing a HUF deed containing details of all the member of HUF, business to be carried on and assets brought in by the members. HUF needs to have a separate PAN and bank account.

Benefits of HUF

  • Income tax deductions & exemption benefits available to HUF separately
  • Salary payable to members of HUF for its functioning is deductible expense
  • HUF is taxed at same rates as a proprietor/individual
  • Minimal startup cost
  • Minimal Compliances

Documents needed to get you started

  • HUF deed
  • Pan Card
  • Shop Act
  • Bank Account
  • Business specific licensing and registration – FSSAI, RERA, GST, PT etc.

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