HUF Deed Format Download:
Word and PDF versions of the Huf Deed are available for free download.
Huf Deed Format, Hindu Undivided Family (‘HUF’) is considered as a ‘person’ under section 2(31) of the Income-tax Act, 1961, according to the income tax rule.
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HUF Deed Format:
Name of HUF: Name of HUF is NAME SURNAME
Location of HUF: Location of HUF is FULL Location WITH PIN CODE the Location of “Karta” and always shall be the Location of “Karta” in case of any change of Location of “Karta”
Date of Creation of HUF: Date of creation of HUF is DATE OF CREATION and shall be effective till the partition.
Member of HUF: Member of HUF shall be the following person.
NAME SURNAME ONE
NAME SURNAME TWO
NAME SURNAME THREE
NAME SURNAME FOUR
CoParcener of HUF:- MRS. WIFE NAME
Applicable of law:- In this HUF Hindu Succession Act & Income Tax Act & any other activities according to the constitution of India shall be applicable.
School of HUF:- School of HUF shall be “Mitakshara School of Hindu law “
Right of Co-Parcener:-
1) Co-Parcener must be a HUF member and is given a birthright stake in all of the family’s assets, whether they were inherited or acquired by the family. Family members who are not co-parceners do not have the right to assert a partition claim.
2) A mother or widow of the Karta will be given an equal portion to the boys at the time of partition. The Hindu Succession Act was amended on September 9, 2005, and as a result, a daughter of a coparcener would be a coparcener by birth in the same way as males.
3) The maximum degree of co-parcenary is four from the living holder.
4) Other rights must be in accordance with the Hindu Succession Act and any updated versions of the Income Tax Act.
Tax Effect When a self-acquired property is converted to joint family property:-
- When a member of a HUF converts his separate property into the property of the HUF, or transfers it to the family in any other way without providing adequate consideration, the income from that property must continue to be included in the individual’s total income under the Income Tax Act. In the future, if any changes are made to the Income Tax Act pertaining to this clause, it can be modified in accordance with.
- If there is a subsequent division of assets, whether partial or complete, among family members, the income from such converted property received by the spouse on division shall be deemed to have arisen from an asset transferred indirectly by the individual to the spouse, and the income from the portion received by the spouse shall be, shall be clubbed in the hand of the transferor in accordance with Income Tax Act and in the future, if any changes occur in Income Tax
Partition of HUF
- This HUF may be divided into two parts: a whole or full division, or a partial partition, depending on the parties and the property involved. Additionally, this will be in accordance with the Income Tax Act, and in the event that there are modifications made to the Income Tax Act in the future that affect this provision, any adjustments will be made in the best interest of the HUF and its members.
- Total or complete partition occurs when all of the family’s assets are divided among all of the family members, and the family no longer functions as a unit.
- On the other hand, partial partition results if certain HUF members leave the fold while others stay together, or if some attributes are partitioned while the balance is still combined.
- Only a co-parceler is eligible to claim the partition; however, the following person may also claim their portion of the HUF at the moment of partition.
- All coparceners
- In the event of the death of the father, the mother is entitled to a part equivalent to that of a son.
- If there is a division between the husband and his son, the wife receives a portion that is equivalent to a son’s.
- At the time of the separation, the mother was carrying a boy.
Date:- Place:- INDIA
HUF KYC Documents
ID Proof Karta:
Pan Card, Voter Card, Aadhar Card, Driving Licence
Location Proof Karta:
Bank Passbook, Electricity Bill, Ration Card, Gas Bill, Rent Agreement, Other Government Documents
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