Adv.R.P.Chugh (Advocate/Legal Consultant (email@example.com)) 06 March 2012
1) HUF is a Hindu Undivided Family - HUF term was devised for taxation purposes - for taxing a Joint Hindu Family as a taxable entity.
2) A Joint Hindu Family is a creature of law - however is not a legal entity. It refers to a group of family connected by the ties of sapindaship, hailing from a common ancestor - living together. The common incidents of Joint Hindu Family are living together, common mess, business, worship etc. For the start of a Joint Hindu family some joint property is essential but not for its continuation.
There is a a narrower body within a JHF that is known as a coparcenory - in which members/coparcenors acquire propreitary rights from the moment of their conception (sons/daughters) They hold the property as joint tenants - (unity of possession - community of ownership) they possess together - possession of one is possession of all - and they own it together as a unit - no single coparcenor can say he holds that much, every body's shares fluctuate increasing with deaths and decreasing with births.
3) It is a legal entity for the purposes of taxation only. Otherwise such HUF's are normally registered as partnership firms.
anand das (service) 06 March 2012
umesh (BUSINESS) 03 November 2014
i am running huf entity of which my father was karta in name being gobindram bhawandas amarnani huf he passed away recently & i am being his only son was due to become karta i made neccessary changes in our pan card only name was changed pan no being same now coming to my query sir .my ca had filled income tax return in the name of my father gobindram amarnani huf after which pan card changes were made & it is now in my name i.e umesh amarnani huf please tell me now the audit report has to be send will it accepted in my name as income tax filling was done in my fathers name pan no is still the same please advice